Consider the following statements regarding ‘Gig Economy’:
Statement-I: A gig economy is a labour market that relies on independent contractors and freelancers rather than full-time permanent employees.
Statement-II: In 2020, ASSOCHAM projected that India’s gig economy would rise at a compound annual growth rate of 17% to $455 billion by 2023.
Which one of the following is correct in respect of the above statements?