Unravelling the Socio-Economic Dynamics of the Gig Economy in India: A Multifaceted Analysis

India's socio-economic landscape is transforming, driven by demographic changes, economic challenges, and technological advancements. Amid slowing GDP growth, declining labour force participation rates, and rising unemployment, the gig economy has emerged as a pivotal player in addressing the country’s employment challenges. Characterised by short-term, project-based work facilitated by digital platforms, the gig economy offers flexible alternatives to traditional jobs and presents new opportunities for income generation and economic inclusion. This paper examines India's gig economy's evolution, socioeconomic drivers, and critical role in reshaping the labour market. Drawing on the concept of "double failure"—where both state and market mechanisms fall short in meeting societal needs—this study situates the rise of gig-based employment within India's broader economic context. By analysing the interplay between economic policies, structural barriers, and the potential of gig work, we provide a nuanced understanding of its implications for economic development and social equity.