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How we can earn from Instagram?

Is there any process to earn money from Instagram?

Yes. If you have a huge Fan following you can do Sponsored Posts and Sponsored Shout Outs.

Many Instagram handlers are earning money out of it.

There is. You just start selling something, get tons of followers and get your product sold. Boosting it by buying followers and likes is a good idea, but only to start. I can recommend this service https://zen-promo.com/free_instagram_followers.

Another way is to become an influencer and start making money by promoting different kinds of products and services. You can click here to know more.

There are three major ways to make money on Instagram.
Work as an influencer to post content sponsored by brands.
Be an affiliate marketer selling other people's products.
Become an entrepreneur and sell your own products.