India is one of the fastest-growing economies in the world. With our strong workforce that is technically skilled and where the vast majority speak English, the country has been in high demand for its freelancers globally. In a survey by Noble House, it was revealed that 45% of the HR heads who were surveyed wanted to hire freelancers to supplement the skills of the existing workforce. 39% wanted to hire freelancers to reduce costs and 10% to fill temporary vacancies in the teams. 

Contributing factors

So, what is contributing to the growth of the freelance economy in India? Technology, no doubt is a major contributing factor as it has opened communication channels for businesses and talented individuals to collaborate from beyond boundaries on simple and complex projects. Individual professionals who do not want to relocate have the alternative to stay in their homes, and companies can access a skilled workforce at competitive rates from anywhere in the world. Even those seeking freelance jobs online at Lucknow have a fair chance of landing lucrative projects.

Another contributing factor is the transparent payment routes that can be used to make amount transfers directly to the freelancer’s account. Thus, they do not have to wait in uncertainty about whether they will be paid or not. With simplified agreements, both parties can have a straightforward agreement on work delivery schedule, expectations, deadlines, and payment schedules. Thus, more time can be spent productively on work than negotiations and administration. 

How is the freelance economy growing?

Currently, 1 million freelancers are contributing US$400 billion to the national GDP. On average, Indian freelancers are earning around Rs. 20 lakh/ annum as per a PayPal report. 23% of the 500 freelancers surveyed earned an average of Rs. 60 lakh/annum. Though the pay disparity between how much an average American freelancer earns and how much Indian freelancers are earning is working in our favour in many ways as it makes Indian freelancers more accessible for the smaller companies in the USA. Also, since the cost of living in India is much lower, the low pay is still a good amount, and better than what many full-time employees are earning. 

Work-life balance

Balancing work and personal life can be challenging for freelancers as they do not work on a fixed schedule and are constantly engaged in completing projects or applying for new ones. Freelancing full-time is akin to running a business that requires the proprietor to be completely engrossed. However, as one gets established in their field, they can prioritise and strike a balance. Yet, a lot of millennials and young professionals are opting for freelancing as it gives them more space for personal life too. 

Way forward

Indian freelancers have high demand, the important thing for them going forward is to invest in their work to scale up. They can invest in tools and resources for increasing productivity and be prepared for competition. It is also important to be aware of the latest equipment, tools, cloud technologies, and development in one’s area of expertise. 

Another area where freelancers must spend is marketing and infrastructure. As India becomes one of the biggest markets for skilled freelancers, it is essential to be on top of one’s game to be visible to clients and stay in demand.