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In financial year 2020, only about *** percent of the total workers were gig workers with Usual Principal and Subsidiary Status. There was an increase in the share of gig workers since financial year 2012.

The gig economy

The gig economy essentially is a free market structure in which people are hired temporarily by a company for short-term commitments. This, however, is not a new concept to India. India has a large share of informal and casual workers participating in gig work for decades. Gig work comprises earning income that lies outside of the conventional long-term employer-employee relationship. This has gained traction since the economic downturn of the pandemic. Projections of gig work point to an increment of over **** percent to the country’s GDP.

Employee turnover and job opportunities

The great reshuffle refers to the masses of people quitting their jobs primarily precipitated by the pandemic. Consequently, employee attrition and turnover rates across the country were higher than ever before. In addition, hiring processes are also being executed at unprecedented levels, particularly in the IT and tech industry. With job opportunities inundating the market, employees preferred job roles that aligned with their ambitions and prioritized work-life balance. Studies indicated that men and women wanted more flexibility in their jobs, tipping the scales in favor of hybrid and remote work environments.