Answer: Gig economy is a free-market system which is characterized by temporary, short-term contractual jobs and freelance work, on a per-project basis. In recent years, the gig economy has grown significantly in India. The Global Gig Economy Index Report ranked India among the top 10 countries with a rapidly increasing number of freelancers.

The gig economy is criticized for various conceptual flaws, such as:

1. Job Insecurity: Gig workers often lack job security as they operate on a per-project basis. This uncertainty many times leads to financial instability and hampers long-term financial planning and results in income volatility.

1. Lack of Employment Benefits: Gig workers generally do not receive traditional employment benefits such as health insurance, retirement plans and paid leave.

This lack of benefits significantly burdens gig workers who bear the costs independently, potentially affecting their overall well-being.

1. Exploitative Practices: Some platforms within the gig economy exploit workers by setting low wages, high commission rates and setting unfavorable terms and conditions. Due to this workers find themselves earning less than the minimum wage, working excessive hours and facing difficulties in negotiating fair terms due to the power dynamics inherent in the gig economy.

1. Unequal Access to Opportunities: The gig economy may exacerbate the existing social and economic inequalities, as access to high-paying and desirable gigs are influenced by factors such as education, location, and social networks. This inturn perpetuates a cycle of disadvantage for certain groups, hindering upward social mobility and reinforcing existing disparities.

1. Limited Career Development: Gig workers often lack structured career paths and opportunities for skill development compared to traditional employment. This hinders their professional growth and limits their ability to acquire new skills, thus affecting their long-term employability.

Though gig economy suffers from above mentioned flaws, it also provides significant benefits, such as: 

1. Flexibility: Gig economy allows individuals to have more control over their schedules. This flexibility is attractive to those who value work-life balance or have other commitments, such as students, parents, or individuals with multiple jobs.

1. Entrepreneurial Opportunities: Gig workers can act as independent entrepreneurs, offering their skills and services directly to prospective clients. This entrepreneurial aspect can be empowering, allowing individuals to build their own brand and business.

1. Global Reach: Online platforms in the gig economy enable workers to connect with clients and employers globally. This extensive reach can open up opportunities that might not be accessible in a traditional local job market.

1. Market Efficiency: For employers, the gig economy offers a more efficient way to access specific skills or complete short-term projects without the long-term commitments associated with traditional hiring.

1. Quick Income Generation: Gig workers often have the ability to start working quickly and generate income in a short period. This is particularly beneficial for those who need immediate financial resources or are in between traditional jobs.

Though the gig economy has led to the transformation of work culture, various concerns need to be addressed. There are examples of collaborative efforts between government and private sector which can be further scaled. E.g., Uber partnered with Ayushman Bharat to facilitate free healthcare for its workers. In addition, explicit rules for gig workers should be formulated to provide them social security.