India is currently in the fifth position in the gig economy ranking and will be the third by 2030. In addition, the gig economy will help to grow the economy and reduce unemployment. Platform-based employment is reshaping the nature of work in India, with gig workers playing a key role in the labour market. They still have to deal with problems like unstable employment, a lack of social protection, and insufficient legal protections, nevertheless. The essay points to the inadequacy of comprehensive regulation by looking at the current state and loopholes in the Indian labour laws. It additionally explores court interpretations of various issues of gig workers and the difficulty of applying the direction and control test to the definition of gig workers as employees. Also, a balanced and nuanced approach has been adopted to develop a solution, keeping the aggregator platforms in mind. The study also examines and discusses the legal approaches of other countries that regulate gig workers and platform workers, such as the United Kingdom, the United States and Brazil, by analysing the categorisation of employees, workers and independent contractors. The study explores the international trends and best practices for balancing gig workers and aggregator platforms and recommends policy changes that could be implemented in India. This would ensure that workers are paid fairly, their social security is better, and they get the benefits they need and platforms remain viable. The report proposes a more sustainable and balanced gig economy that should benefit both the employers and the employees, which would ultimately help in increasing the country's economy.