India on the wings of outsourcing - Soaring High
India is undisputedly a world leader in the outsourcing industry. Its IT dominance has reached foreign shores, with its government deserving applause for having supported the nation’s focus on its educational system, prioritizing math, sciences, and the information technology.
These concerted efforts among the government, the education sector, and all other industries combined, paid off – India today has not only catapulted itself to IT prominence, with Bangalore dubbed as another Silicone Valley and the world’s “back-end†hub, it also acquired the trust of Fortune’s top corporations over other outsourcing destinations such as Ireland, the Philippines, and other major players.
Today, India is experiencing an “all-time high†in employment generation, in both domestic and foreign markets. India provides three (3) major outsourcing services to clients: financing, human resource and customer service. The outsourcing sector alone contributed an astounding 90% in the country’s revenue for the Fiscal year, 2006-2007.
Maintaining its lead over other outsourcing destinations in the world, India is now focusing its sights on the pharmaceutical industry with an estimated worldwide strength of over $17 billion, with legal services tailing close.
The prospect looks good for both pharma and legal services with a projected growth of $50 billion worldwide for the next five years, and legal services registering $6 billion by the same number of years.
Overseas, demand for outsourcing services to India’s IT professionals rose to over 30%, while in the domestic front, employment faces brisk business.
NASSCOM (National Association of Software and Services), India’s “voice†pertaining to IT, announced India’s IT-BPO’s (Business Process Outsourcing) huge chunk of revenue contribution amounting to $6 billion, and in the over-all brought to a close, a whooping $23 billion for India’s entire software industry last year.
India is not showing signs of slowing down, either. Today, it has even energized its approach to generate more offshore clients, as it envisions on elevating the nation as the world’s most prominent IT and outsourcing hub, permanently.
With its government’s support, and it’s people’s national pride, India will, in no time, realize this vision. Outsourcing, definitely, has made India soar to greater heights!
July 12th, 2007 at 6:47 am
Recently, the glut of articles about China’s surge to overtake India in outsourcing industry, India faces threat from China and articles about that seems to tell us one thing, the Chinese is going to do something, as they always did.
Anyway, it is an obvious fact that China has shown its appearance in outsourcing industry for no more than two years. As”made in China” labelling China’s unique position in manufacture has become a part of our life which cannot be escaped from, now they want to get a lion’s share of the outsourcing pie? Compared unfavorably with India’s years of No.1 position in the world’s outsourcing industry, we cannot ignore its huge potential—rich human resource with comparatively low cost, all-around infrastructure, and favored geographical position etc.
We care about immediate profit, but we care more about long-term benefit.
Should we trust China’s potential in outsourcing industry?
Should we establish cooperative relationship with Chinese providers?
Should we invest in China’s growing outsourcing market?
How could we go to the China’s outsourcing market?
How could we know what is happening in China?
How could we know the policies and service providers in China?
I found a once-for-ever solution to these questions and other problems—www.chnsourcing.com (the first and unique portal website for China’s outsourcing industry), it contains a comparatively complete Chinese outsourcing service provider directory, the latest and comprehensive resource of referential policies and regulatios released by the Chinese government and other resources.
You may find it helpful in some way, i just prompt it to you for your information.
Anyway, China has a long way to go on its outsourcing road, so does Chinasourcing website.