A report released on Tuesday showed a 4 per cent decline in hiring activity by Indian companies in March compared to the same period last year. However, there was a slight sequential increase of 3 per cent, signalling a cautiously optimistic business sentiment, according to findings from the foundit Insights Tracker (fit).

The report, which analysed fit data from March 2023 to March 2024, shed light on a surge in white-collar gig jobs or freelance work, witnessing an impressive 184 per cent increase compared to the previous year. This trend reflects professionals' growing preference for flexible, project-based work arrangements.

Furthermore, the report highlighted an expansion of gig workers, representing a vital segment of the workforce, with 21 per cent increase over the same period. This reflects companies' increasing reliance on freelancers and independent contractors to fulfil their business requirements.

The IT sector emerged as a frontrunner in this gig economy boom, with the share of IT software in the gig economy nearly doubling. In March 2024, IT software accounted for 46 per cent of the gig economy, up from 22 per cent in March 2023, as per the report's findings.

Sekhar Garisa, CEO of foundit (formerly Monster APAC and ME), a Quess company, highlighted the role of metro cities like Delhi, Bengaluru, and Mumbai in paving the way for gig jobs. He highlighted  the importance of tracking these trends through their tracker to better understand the evolving dynamics of the job market.

(With PTI inputs)