I have no such experience but if I was you (being in a contract role before), I will say do your calculations well including the benefits and leave you get in the perm position vs contract role.

Contract role with the MNC or a contract agency hire? I believe it is the first right?

I will compare:
- the leaves (no. days)
- the benefits (flexi or whatever), insurance?, bonus?

Will the 70% increment be able to cover what you have?

If it is able, then the answer is clear to switch.

But if it is not, then it will depends on yourself. But I feel that for a perm to contract, gotta lower that expectations or you will feel gutted for making the switch.