India saw a 3 per cent monthly rise in hiring in the months of February and March, as white-collar gig jobs skyrocketed 184 per cent (year-on-year), a report showed on Tuesday.
Additionally, gig workers, representing a vital workforce segment, expanded by 21 per cent over the same period, highlighting companies’ increasing reliance on freelancers and independent contractors to meet business needs, according to the report by foundit (formerly Monster APAC & ME).
The IT sector is at the forefront of the gig boom and the share of IT software in the gig economy has nearly doubled, jumping from 22 per cent in March 2023 to a dominant 46 per cent in March this year.
“The metro cities of Delhi, Bengaluru and Mumbai are paving the way for gig jobs. We expect the gig economy to grow even more in the next few months, so it's prudent for job seekers to equip themselves with relevant skills that will make them stand out in a competitive market,” said Sekhar Garisa, CEO, foundit.
Advertising and marketing also witnessed significant growth, with the share of gig jobs increasing from 5 per cent to 18 per cent over the past year.
The IT sector saw a marginal decline from 7 per cent growth in February to 2 per cent in March.
The banking/financial services and insurance (BFSI) sector reported stagnant growth.
Engineering, cement, construction and iron/steel maintained a steady growth rate in March, the report noted.
Further, the government, public sector undertakings (PSUs), and defence sectors experienced a slight uptick in hiring activity.
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