New Delhi:  The nature of the gig economy heavily relies on the market of freelancers and independent contractors. The main reason for the growth and development of the gig economy is the globalization, technological advancements, job satisfaction, and high incomes.

Nowadays, freelancing has increased a lot, which is considered a way of earning and generating passive income.

This helps many people showcase their talent, skills, and work, and lastly, helps them increase their recognition in the job market. 

Also Read: How Digital Economy will help India Accelerate its growth in coming years

Gig economy Concept:

A gig economy is an economy where businesses choose to hire independent contractors and freelancers instead of full-time employees.

Also read:Qatar's first quarter budget surplus of $5.4 billion exceeded expectations

Moreover, it allows businesses in wider reach of talent and new expertise in the industry, save money and other resources, and doesn’t need for the office equipment’s tools and training. For the independent workers, they get flexibility in working, independence, high income, etc. 

Definitions

1. The gig economy is a free market in which individuals earn income from on-demand, short-term assignments, tasks, or jobs. “Oberlo”.

Also read:New BRICS money is expected to revolutionise the global economy