2 Nov 2017, 09:17 — 3 min read
India is the new hub for global businesses. Most international organisations seek to work with Indian market and talent. With this speedy international incorporation, freelancing is becoming a good choice for many IT companies.
First thing first! What is freelancing? Well, in simple words, freelancing is working on projects remotely using your own office space and time. However, it does not mean that freelancing is anything less than a full-time 9-5 job! The USA market is using the freelancing workforce for a very long time now, and India is adopting this trend nowadays.
USA has more than 50M freelancers where India has only 15M freelancers. Due to this fact, USA's freelancers contribute around $700B to their National GDP whereas India's freelance workforce contributes around $350B. Although the facts show that India is far behind than countries like the USA in freelancing, India is catching it up at a good speed.
Average rate per hour
We have seen that the data shows India's freelancing market economy is much smaller. The average rate per hour is the main culprit behind this. While Indian freelancer's average hourly rate is only $10 per hour, the USA's remote workers get a whopping rate around $40 per hour.This is a massive difference.
Technology has the biggest role to play in this form of working culture. For last few decades, India has started to accelerate their hold on technology. However, a very large portion of Indian population is still far away from using the internet and smart devices, and this is restricting the growth of the freelance workforce.
Trend and tradition
It is a strange point to make when we are talking about freelancing, but it is somehow related to this issue. People of our country are way too inclined towards traditional jobs. Freelancing is still a vague career option. Although the start-up trend is booming in India recently, it is still finding it difficult to make a place among average people.
It will be interesting to see how the freelance sector grows in the country in the coming months and years.
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Posted bySourav Paul
I am looking to connect with other business owners and clients to expand my business.
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