Theoretical Integration of Gig Economy: Exploring various Prospects, Challenges and Regulatory Measures

Abstract

The gig economy is having an impact on the professional generation of today because of the recent downsizing of skilled professionals and the power of globalization to create jobs for more underdeveloped nations. The gig economy has fundamentally altered individuals' levels of engagement at work and their perceptions of various industries, both of which have a significant impact on the workplace. In this Paper, the opportunities and challenges presented by the rapid expansion of the gig economy are examined. The Study is descriptive in nature and the data is collected by reviewing various literatures, journals, articles and report published by Niti Ayog. This paper examines that instead of working for an employer, the Gig economy is a way of working in which individuals take on separate, independent jobs or temporary jobs. Freelancer is a global marketplace for crowdsourcing and freelancing, says that India is one of the top countries where gig economy culture is growing. The gig economy is undergoing major changes. Although workers benefit greatly from the gig economy in terms of flexibility, employment, freedom, etc., simultaneously, it harms the working environment in the industry. The regulatory framework that governs gig work ought to be strengthened and expanded by the policymakers and regulators. In this regard, the article discusses five main options to regulate the gig workers.