A recent report anticipates a substantial increase in job opportunities within India’s gig economy, signaling a fundamental transformation in the nature of work. The historical impact of automation on factories and the downsizing effect of BPOs on manpower has given way to the emergence of temporary jobs in the services sector, propelled by e-commerce, ride-hailing, food delivery apps, streaming media, and fintech.
The forecast, presented by the Boston Consulting Group and the Michael & Susan Dell Foundation, predicts a significant rise from the current 8 million to 90 million flexi and gig jobs over the next decade. These jobs are expected to contribute over $250 billion in transactions and an additional 1.25% to India’s GDP. Despite uncertainties regarding the quality of life and social security benefits associated with gig work, it is crucial to acknowledge that the informalization of jobs commenced much earlier.
Embracing change as a constant, the socio-economic framework supporting gig jobs becomes imperative. While expecting startups fueled by venture capital to treat gig workers as regular employees may hinder innovation, effective governance from central and state governments in areas such as public health, education, insurance, and food security can alleviate concerns related to irregular unemployment. The gig economy, offering flexibility and expanded choices, particularly for women and part-time workers, holds promise in India’s evolving workforce. Optimism in this rapidly changing landscape is contingent upon fortifying the foundational pillars of educational and health infrastructure.
Questions: What does the report by Boston Consulting Group and Michael & Susan Dell Foundation primarily forecast?
(A) A fundamental shift in the nature of work.
(B) A significant rise in gig jobs within a decade.
(C) A massive increase in the world’s GDP.
(D) All of the above.
Correct Option: B
Questions: What cautionary message does the author convey in the passage?
(A) Central and state governments should address anxieties of gig workers related to public health, education, insurance, and food security.
(B) Treating gig workers as regular employees could hinder innovation and investment.
(C) The gig economy will fail if educational and health infrastructure support is not strengthened.
(D) It is crucial to create a socio-political framework supporting gig jobs.
Correct Option: B
Questions: would you best define the gig economy based on the passage?
(A) An informally structured economy with a skill-based short-term or freelance labor market.
(B) A fundamental shift in the nature of work in an economy.
(C) An economy characterized by startups fueled by venture capital.
(D) All of the above.
Correct Option: A
Questions: What tone does the passage predominantly convey?
(A) Cynical
(B) Critical
(C) Scornful
(D) Sanguine
Correct Option: D
Questions: According to the passage, what is highlighted as a concern related to the gig economy?
(A) Lack of educational and health infrastructure.
(B) The temporary nature of work.
(C) The quality of life and social security.
(D) None of the above.
Correct Option: C
