Hi!
Yes, I recommend quite the same as the previous poster.
Think about what contract you sign. You might have no choice maybe as you are in a bad employment condition right now.
But when you are right now desperately looking for any job, a contract job may help you to cover difficult times.
You should know that most contractors will not pay you whe the airline does not pay the contract agency. Once I experienced different: agency was very fair to us. But I know, this is not the way we should expect things to be handled.
Especially in India things are quite difficult right now, so don't be surprised if things go another way than expected. You are alway just a kind of working "slave" to any airline you are working for as a contract pilot. They will treat you as it is convenient for them.
But nevertheless, you can gain experience and flight hours. You will meet very interesting people who will be able to show you more ways to go in future.
So, it is not the easiest way but is it a quite interesting way in your flying career. But don't give up any permanent working contract for any in India right now.