ANALYZING THE ECONOMIC IMPACT OF THE GIG ECONOMY ON TRADITIONAL EMPLOYMENT SECTORS, WAGE STRUCTURES, AND OVERALL ECONOMIC GROWTH

AUTHOR – APOORVA GANESH JOSHI, STUDENT AT D.E.S.NAVALMAL FIRODIA COLLEGE, PUNE

BEST CITATION – APOORVA GANESH JOSHI, ANALYZING THE ECONOMIC IMPACT OF THE GIG ECONOMY ON TRADITIONAL EMPLOYMENT SECTORS, WAGE STRUCTURES, AND OVERALL ECONOMIC GROWTH, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 5 (1) OF 2025, PG. 717-724, APIS – 3920 – 0001 & ISSN – 2583-2344

Abstract:

“In an era where flexible work arrangements are increasingly prevalent, the gig economy emerges as a transformative force reshaping traditional employment paradigms.” The ascent of gig work mirrors technological advancements and shifting workforce preferences, challenging established labour models and economic structures. Currently, the gig economy significantly influences conventional employment sectors, wage frameworks, and overall economic growth, presenting both opportunities and challenges. The flexibility and autonomy offered by gig work attract a diverse workforce, while concerns regarding job security, benefits, and income stability persist. Analyzing the economic impact of the gig economy involves examining its effects on employment patterns, wage dynamics, and productivity metrics. There is a need for a comprehensive evaluation of how gig work affects traditional labour markets and economic indicators. This analysis aims to assess the benefits and drawbacks of gig work, considering factors such as productivity gains, employment opportunities, and the absence of worker protections. Recent trends suggest that the gig economy contributes to economic flexibility and innovation, yet also raises questions about labour rights and income inequality. Potential reforms should focus on integrating gig work into existing economic frameworks, ensuring fair compensation, and extending essential protections to gig workers. This research endeavor seeks to provide insights into the economic implications of the gig economy, offering practical recommendations to balance flexibility with security in the evolving labour market.”

Keywords: Gig economy, Traditional employment, Wage structures, Economic growth, Worker protections, Flexibility, Job security, Income stability.