Outsourcing has been in the news for a long time, and recently with Obama making a hue and cry about outsourcing to India, everyone is well aware about what outsourcing is. For those who are a little less aware about it, outsourcing is when a company gives out to another company in another country, some of its functions to be performed at a lower cost and with more efficiency. This is done so that they can concentrate on their core business activities, while the outsourced work can be completed by professionals who are specialized in that field and also at a comparatively lower cost.
India has been a favorite hotspot for outsourcing because of its lower costs, the high caliber of professionals and cost savings for other countries in outsourcing work to India. The world is realizing that India is a super power in terms of IT and IT solutions, and many multinationals and top notch companies are making India their outsourcing partners.
A closer look into why India is the preferred choice for outsourcing reveals many factors. India is the world’s second highly populated country, and hence has vast manpower potential. Technically skilled, highly educated and English speaking manpower are the most valuable assets that the Indian IT industry is blessed with. Due to the difference in the standard of living in India and foreign countries, companies can have huge cost savings because India offers huge economic benefits. Due to their skill, professionals in India provide high quality work which meet international standards and that too at very low costs. The flawless communication network and facilities ensure that the services are provided without any disturbances and this is another attribute to the success of the IT industry. India also has technologically advanced companies that provide solutions using E-commerce, Business Process re-engineering, System Migration, Maintaining Legacy system, System integration etc. The service sector is the highest contributing sector to India’s GDP and most of the revenues come from outsourcing contracts. Another attribute is also the stable government policies which support IT, and provide the facilities required by an IT firm to carry on its functions in a proper manner.
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