Is Freelancing a Good Career Path in India

Is Freelancing a good career path in India?

If you have searched this question or clicked on a link to read this blog, you must be at a stage of considering freelancing as a career opportunity or curious to know if this is a career path you want to choose.

Here are some reasons why you might want to consider being a freelancer in India. Or I will also give you reasons not to choose Freelancing. Depends on few factors. Continue reading…

National Economics and Job Trends:

As per the studies by the year 2025, the freelancing economy is estimated to grow to $20 to 30 billion In India alone. And COVID-19 has acted as a major catalyst to accelerate growth of the Gig economy.

With growing technology and booming business opportunities, the need for a workforce is increasing at a rapid pace, while the AI and ML invasion of jobs seems to be not too far, the world still needs a considerable amount of workforce.

With this growing opportunities, Freelancers are positioned to cater to the growing need for a skilled workforce.

Pandemic has created opportunities with the shift in work culture, with remote working trends the companies have started adapting to remote teams and processes, which has created a space for freelancers to boom.

The companies now consider freelancers as a viable option to avoid the operational cost and have the word delivered more efficiently and economically.

While presenting the Union Budget of 2022-23, the finance minister mentioned that India will create 6 million jobs over the next five years, which means the government is taking initiatives to scale exiting businesses, launch and incubate newer industries, which in turn can create larger Freelancing opportunities in India itself. Currently Indian freelancers are providing services to Abroad businesses as well.

As per the PayPal report, Most Indian freelancer earns 20 Lakhs INR per annum.

Booming Start-up culture

With the booming start-up culture and innovations, we have a huge array of industries, skills, and work to choose from. Be it content writing, coding, design, research, digital marketing, etc, we have a greater number of areas to work on more than ever before.

There is money in the market, with greater funding and availability of capital, the companies are willing to hire skilled workers and pay good compensations.

With these growing National and International opportunities, freelancing as a career seems to be an area of opportunity and growth in India.

While the above stats and insights help us decide about choosing your career as a freelancer in India, here are some important pros and cons to consider before making your decision: 

Pros:

• Growing platforms and communities to help and grow as a freelancer
• Growth in remote working culture: work flexibly from any place and time.
• Scope of working among a wide range of industries
• Opportunities to learn new trends, technology, tools, etc
• Higher earning potential in the long run

Cons:

• In the Indian family culture, we are surrounded by responsibilities. Family may insist you do a full-time job. A job is secured as per Indian families. Not just that, if you want to personal loan, banks will check your consistent monthly salary to give you a loan. Freelancing income is not fixed. Analyse your situation if you are going for a home loan or any other loan.
• Low-paying gigs in the local market
• Challenges in handling traditional businesses or clients who are new to digital business
• Unclear taxation and payment processes
• A growing number of freelancers leading into a competitive market

Conclusion

However, I don’t insist you to do a full-time job or convert into a Freelancer. It completely depends on your family situation, financial situation, your personal situation, skills and lot of other factors.

All the best for your next decision in your career.

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