Comprehension

A new report forecasting that India can create millions more jobs over the coming years in the gig economy underscores a fundamental shift in the nature of work. While automation swept through factory floors and BPOs reduced manpower requirements, e-commerce, ride hailing and food delivery apps, streaming media and fintech have created lakhs of temporary jobs in the services sector. Although the jury is still out on the quality of life accorded by such gigs and the social security benefits they accord, recall that informalisation of jobs started much earlier. The report by Boston Consulting Group and Michael & Susan Dell Foundation predicts 90 million flexi and gig jobs in a decade from 8 million now, contributing transactions valued at more than $250 billion and an additional 1.25% to India’s GDP. Obviously, technological evolutions are hard to predict. A decade ago, few, if any, had divined these new jobs. Ac cepting change as the sole constant, it is equally critical to create the socio-economic framework that can support such jobs.
Expecting startups fuelled by venture capital and presently unprofitable to treat gig workers as regular employees isn’t practical. Such moves could impede innovation and investment. But if central and state governments could deliver in areas like public health, education, insurance and food security, anxieties generated by unsteady, irregular unemployment can be managed better. Last year’s nationwide lockdown when the suddenly unemployed migrant workers panicked and bolted, untrusting the promises of governments to care for them, served out this lesson in poignant detail. The gig economy does promise flexibility and improved choices for many women and part time workers. Every technological revolution till date has effaced some jobs and created plentiful others. There is room for optimism in the rapidly emerging techmediated world, but only upon strengthening the support of educational and health infrastructure.

Question: 1

The report by Boston Consulting Group and Michael & Susan Dell Foundation ______

Updated On: Aug 2, 2024
  • Predicts massive rise in gig jobs in a decade
  • Predicts fundamental shift in nature of work.
  • Predicts massive rise in World’s GDP.
  • All the above
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The Correct Option is A

Solution and Explanation

The correct Answer is (A): Predicts massive rise in gig jobs in a decade
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Question: 2

Which of the following can be inferred as a caution by the author?

Updated On: Aug 8, 2024
  • Central and state governments must ensure management of public health, education, insurance and food security, anxieties of gig workers.
  • Expecting treatment of gig workers as regular employees could impede innovation and investment.
  • If educational and health infrastructure support is not strengthened, gig economy will fail
  • It is critical to create the socio-political framework that can support gig jobs.
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The Correct Option is B

Solution and Explanation

The correct Answer is (B): Expecting treatment of gig workers as regular employees could impede innovation and investment.
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Question: 3

In the context of the passage, which of the following best describes gig economy?

Updated On: Jul 30, 2024
  • Informally structured economy with skill based short-term or freelance labour market.
  • A fundamental shift in the nature of work in an economy
  • Economy characterized by startups fuelled by venture capital.
  • All the above.
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The Correct Option is A

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The correct Answer is (A): Informally structured economy with skill based short-term or freelance labour market.
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Question: 4

The tone of the passage is

Updated On: Aug 8, 2024
  • Critical
  • Scornful
  • Scornful
  • Sanguine
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The Correct Option is D

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The correct Answer is (D):Sanguine
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Question: 5

According to the passage, which of the following comes as a concern related to gig economy?

Updated On: Jul 18, 2024
  • Lack of educational and health infrastructure.
  • Temporary nature of work.
  • The quality of life and the social security.
  • None of the above.
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The Correct Option is C

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The correct Answer is (The quality of life and the social security.):
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