All is Not Well With India's Gig Economy
The continuation of the Russia-Ukraine war is raising the fear of an imminent stagflation (a combination of inflation and unemployment led by a low growth). Worldwide inflation numbers are on the rise. Most sources of data are suggesting a higher inflationary regime. In March 2022, the US, the largest economy in the world, recorded a 41-year high inflation of 8.1%. Inflation numbers for India are no different. The present day Consumer Price Index (CPI) is inching towards the 7% mark. With economic growth slowing, and the war and pandemics causing supply-side glitch, the fear of unemployment will also increase. Although organised sector employment is taking a hit the world is noticing a paradigm shift from 9-5 jobs to a newfound type of jobs which is created by the gig economy.