Rise in India’s Freelancer Community

 India is the world's second-fastest-growing freelance industry, according to research on freelancing in 2020 and 2021, with a massive increase in the number of freelancers this year. With an estimated 15 million freelancers and an Indian economy poised for significant growth, new and developing business models are steadily strengthening their market positions. In addition, India had a 46 percent increase in new freelancers from Q1 to Q2 2020. Freelancers are in great demand in India, and firms of all sorts, from startups to big-cap companies, are looking for help on various projects and initiatives. The freelancing industry's enormous success has paved the way for a new trend and extended the breadth of its future appeal.

Changing work environment

The freelance economy in India will thrive if the startup movement continues to gain pace. One of the essential elements fueling the expansion of freelancing marketplace models is the broad acceptance of modern-day work culture in India. The ease with which firms may discover the correct expertise to do the assignment allows them to forego the traditional methods of hiring an employee or professional for the job. The advent of gig platforms will drive the careers of many in the freelance sphere as more firms become more comfortable with freelance job management.

Organizations are increasingly looking for methods to decrease costs as the market slows. As a result, gig platforms have become popular among businesses that value the convenience of doing tasks remotely. Furthermore, the culture of remote work has expedited the shift from traditional employment to outsourced services. A growing number of corporate executives and graduates from some of the country's finest colleges ( like IITs, NITs, and IIMs) prefer to abandon their jobs in exchange for a more leisurely lifestyle than the 9 to 5 routine. These highly experienced individuals have created a new generation of highly competent, well-experienced corporate freelancers who operate as independent contractors. They are unquestionably talented and ready to learn more and widen their professional horizons.

Furthermore, the pandemic has expedited the expansion of freelancing and caused a paradigm change in both individuals' and employers' mindsets. Employees have begun looking for alternative sources of income to survive and flourish, while businesses seek to remain lean while still operating successfully. According to recent industry research by Payoneer, this is supported by a 46 percent increase in new freelancers in India from Q1 to Q2, 2020.