While the Indian rupee's decline against the US dollar is bad news for employees, especially since inflation is already weighing heavily on pay, Indian freelancers paid in US dollars can expect a 7-8% increase in earnings. The Indian rupee fell below Rs 80 against the US dollar, falling roughly 7% in a year. A company incorporated in India cannot legally or statutory pay in a foreign currency for domestic services, according to Aditya Mishra, CEO of CIEL HR Services. However, he adds, "a lot of Indians are freelancing with global firms and taking up assignments on dedicated freelancing portals."
"A lot of freelance websites have popped up, bringing in international work." "It's a good time for them because the US dollar is strengthening," Mishra says. He cites project report writing, content writing, software coding and testing, digital marketing, and executive coaching assignments as examples of prominent freelancing work, estimating that 50,000 people in the country earn a living through freelance work.