What India’s Gig Economy Debate Is Missing

By Ruchi Gupta

What?

Almost twenty-five years ago, I went to the United States to study. My parents would cover the tuition for the first semester (which I needed to apply for the visa), and then I would be on my own.

That began my stint in the American fast-food industry, first in the on-campus restaurants. And then the summer when I worked full-time at Burger King.

Burger King had a drive-through with a timer. As soon as a car arrived, the clock began counting. Orders had to be completed within two or three minutes. If you crossed the limit, a loud buzzer would go off. On paper, the time sounds manageable. But, in practice, many small things could and did go wrong.

At the time, I was too young to question how absurd this was. But more than two decades later, I still remember it. That sense of induced urgency, of manufactured crisis. This is what today’s ten-minute delivery culture reminds me of.

Workers mobilising for better working conditions are not answerable for the larger political economy context. In any direct confrontation between gig workers and platforms, I side with the workers.

But while workers are not obligated to consider issues related to macroeconomic structure, business viability, or long-term growth, people within the public policy space are. And it is here that I struggle.

India has a huge labour surplus problem. Labour precarity is structural and macroeconomic. It flows from the failure to generate large numbers of stable, moderately productive jobs. Gig work is one expression of that failure — not its cause.

Why It Matters

Let me return again to my time in the US. The first one and a half years were not pleasant. I worked full-time, seven days a week, for six or seven dollars an hour in a bunch of jobs. I briefly tried waitressing too, but I was horrible at it — I talked back to inappropriate customers and mixed up orders. Then the restaurant shut down (unrelated).

Once, when there was an increase in tuition fees, I went to meet the Dean to explain my situation. She covered the difference by crafting a Dean’s scholarship because, despite all of America’s grave problems, struggle and hard work are socially valued. Finally, my school had a programme where I could study one semester and work one semester, and so after a year and a half, I graduated to properly paid jobs.

Bad jobs can carry radically different meanings depending on whether there are exits, backstops, and time horizons. This is the tragedy of India. Hard work is not guaranteed to lead anywhere. Effort often has no social premium — it is treated as a baseline expectation rather than something that merits recognition or institutional response.

The most politically dangerous form of precarity is not difficult work. It is unbounded, uninsured, and inescapable work with no visible exit or assurance.

What would a genuine debate on growth actually look like?

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Blockchain Is The Rehab Where Useless Rewards Can Become Usable Perks

By Vishwas Ved

What?

A recent viral clip of a UPI user highlighted how fintech companies seem to be clueless about what kind of rewards to offer to which customer.

They have been, it seems, giving Rs 2 cashbacks to high spenders, and something low spenders are being offered discounts on five-star hotel stays.

That short clip has exposed some inherent flaws in the way fintech marketing campaigns are being designed and targeted. What’s the point of receiving an incentive you cannot use?

The same set of offers cannot and should not be sent to users with very different income groups and spending patterns. This is one area where blockchain technology can be used in a practical way. A blockchain-based reward system can issue small-value credits that are not tied to specific brands.

How?

These credits can be accumulated and redeemed across everyday categories such as food purchases, transport, mobile recharges or utility payments. The value would be limited but usable, and the choice of where to use it stays with the user.

Because the blockchain system is shared, rewards earned on one app do not have to remain confined to that app. A user who pays across multiple platforms can collect rewards in one place and spend them where it makes sense. This is especially relevant for users who make multiple transactions across apps.

This series is brought to you in partnership with Algorand India.

Rs 10 lakh crore

That’s how much market capitalisation India’s top listed companies lost after benchmark indices fell around 1% in today’s session.

The sell-off extended for a second straight day, pushing both the Sensex and the Nifty to their lowest levels in nearly three months.

The Lead: Markets came under pressure as global sentiment weakened. Renewed concerns around US tariffs, geopolitical tensions, and uncertainty in global trade made investors cautious and reduced risk appetite. At the same time, foreign institutional investors continued to sell Indian equities, adding to the downward pressure.

Domestic factors also weighed on sentiment. Several large companies, particularly in the IT sector, reported mixed earnings or issued cautious outlooks, raising concerns about near-term growth. The weakness remained broad-based, with most sectors trading in the red.

Impact: The decline intensified after the Nifty slipped below the key 25,500 level, triggering stop-losses and algorithmic selling. Overall, markets remain in risk-off mode, with investors preferring safety over risk.

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India Joins Global Markets In Greenland-Triggered Fall

On Episode 778 of The Core Report, financial journalist Govindraj Ethiraj talks to Professor Prasanna Tantri, Associate Professor of Finance and Executive Director of the Centre for Analytical Finance (CAF) at ISB, as well as Ambareesh Baliga, Market Expert.

• India joins global markets in Greenland-triggered fall

• Silver and gold continue to rise

• Should the Government reduce capital expenditure in this Union Budget?

• Why really are Indian markets falling the way they are?

• The US attacked Venezuela for its oil but American oil companies are dragging their feet