India’s workforce under flexi-staffing (provided through contractors to various employers) has grown at a compound annual growth rate (CAGR) of 16.3% to reach 3.3 million in 2018 as opposed to 2.1 million in 2015, as revealed in a report by the India Staffing Federation (ISF). This increase indicates formalisation of the workforce, wherein they get provident fund, group insurance, health insurance and other social security benefits that are available to formal sector workers. Moreover, India is now the fifth-largest market worldwide and its flexi-workforce strength is expected to increase to 6.1 million by 2021.
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