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India's Services Sector grew 10% a year in 2015-16: Shreyas Amte (15030241044

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India's Services Sector grew 10% a year in 2015-16: Shreyas Amte (15030241044

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India's services sector contributed about 61 per cent to India's Gross Domestic Product, growing strongly at approximately 10 per cent per annum in 2015-16, a report launched on Wednesday at the second Global Exhibition on Services.

The report, published by industry body Confederation of Indian Industry (CII) and KPMG says India is currently the second fastest growing services economy in the world. With the 2015-16 financial year witnessing dismal merchandise trade, the government is betting big on services trade. Incidentally, India's share in global services exports was 3.2 per cent in 2014-15, double that of its merchandise exports in global merchandise exports at 1.7 per cent.
The government has called for a renewed focus on the services sector which contributes 53 per cent of the country's Gross Domestic Product, 51 per cent of foreign direct investment and 28 per cent of employment. The government had earlier stated that almost 50 per cent of its current account deficit was met from exports in services.
The report states that India's share in global services exports was 3.2 per cent in 2014-15, double that of its merchandise exports in global merchandise exports at 1.7 per cent, placing India in the eighth place currently amongst the top ten exporters of service in the world.
Information technology, in which the country is a global leader, accounted for $ 108 billion worth of services exports in the last financial year, exporting primarily to the United States, United Kingdom and Europe.
The sector is also the largest private sector employer in India, employing more than 3.7 million people. It added the industry is projected to grow at 8.5 per cent in FY2016, from $132 billion in FY2015 to $143 billion. This excluded e-commerce.
The report also pointed to the large growth in the tourism sector's, whose contribution to GDP was $125.2 billion in 2014, and is expected to reach $ 259 billion in 2025 (accounting for 7.6 per cent of India's GDP). In 2015, India is estimated to have received $ 109.6 billion in revenue from domestic and foreign tourists. India invited around 7.8 million foreign visitors in 2015. Government initiatives, such as e-visas and expansion of visa-on-arrival facilities are expected to fuel further foreign tourist arrivals.
Other sectors like healthcare and logistics have also shown great promise, the report showed. The healthcare sector, attracting medical tourism from western nations and parts of south east asia is expected to reach $160 billion in 2017, accounting for about 4.2 per cent of GDP, and is poised to grow to $280 billion by 2020. On the other hand, the logistics market, currently valued at $123 billion, is poised to reach $160 billion by 2018, growing at a CAGR of about 9 per cent.
Speaking at GES, President Pranab Mukherjee underlined the need for a comprehensive policy framework to fully tap services potential.
"It is important to design and implement a services-driven development strategy within a coherent and comprehensive policy framework to ensure linkages with key policy areas and overall national objectives," he said.

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Impact of GST on service sector, Shreyas Amte (15030241044)

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Impact of GST on service sector, Shreyas Amte (15030241044)

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India, the global destination for customer services

Business Process Outsourcing (BPO) is the fastest growing segment of the ITES (Information Technology Enabled Services) industry. Factors such as economy of scale, business risk mitigation, cost advantage, utilization improvement and superior competency have all lead to the growth of the Indian BPO industry. Business process outsourcing in India, which started around the mid-90s, has now grown by leaps and bounds.
India is now the world's favored market for BPO companies, among other competitors, such as, Australia, China, Philippines and Ireland. The BPO boom in India is credited to cheap labor costs and India's huge talent pool of skilled, English-speaking professionals. Research by the National Association of Software Services and Companies (NASSCOM) has revealed that quality orientation among leading BPO companies, 24/7 services, India's unique geographic location and the investor friendly tax structure in India have all made the BPO industry in India very popular.
What is business process outsourcing?
The term Business Process Outsourcing or BPO as it is popularly known, refers to outsourcing in all fields. A BPO service provider usually administers and manages a particular business process for another company. BPOs either use new technology or apply an existing technology in a new way to improve a particular business process. India is currently the number one destination for business process outsourcing, as most companies in the US and UK outsource IT-related business processes to Indian service providers.
Interesting facts about the Indian BPO industry
The BPO sector in India is estimated to have reached a 54 per cent growth in revenue
The demand for Indian BPO services has been growing at an annual growth rate of 50%
The BPO industry in India has provided jobs for over 74,400 Indians. This number is continuing to grow on a yearly basis. The Indian BPO sector is soon to employ over 1.1 million Indians
70% of India's BPO industry's revenue is from contact centers, 20% from data entry work and the remaining 10% from information technology related work
Indian BPOs handle 56% of the world's business process outsourcing
The top fifteen BPO companies in India
NASSCOM recently conducted a survey and evaluated the leading BPO service providers across India. The top fifteen business process outsourcing companies in India are:

1. WNS Group

2. Wipro Spectramind

3. Daksh e-Services

4. Convergys

5. HCL Technologiess

6. Zenta

7. First Source

8. MphasiS

9. EXL

10. Tracmail

11. GTL Ltd

12. vCustomer

13. HTMT

14. 24/7 Customer

15. Sutherland Technologies

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India’s Outsourcing Firms Change Direction as ‘Cloud’ Moves In?

The impact of the move to cloud computing—where servers and software are accessed via the Internet rather than on local networks or personal computers—is being amplified by other trends, from automated code-writing to increased competition and falling corporate information-technology budgets.

The value of outsourcing deals signed in 2014 shrank 17% to $120.4 billion from $145.5 billion a year earlier, according to consulting company KPMG LLC.

‘The model of sending things offshore for x dollars is fast going away.’

—Upinder Zutshi, CEO of Infinite Computer Solutions

With a decline in sales, hiring in India by outsourcers has also slowed significantly. New job growth is projected to hit a five-year low this year, according to India’s National Association of Software and Services Companies. Tata Consultancy Services, India’s largest outsourcer by revenue, added 19,192 jobs in the year ended in March, down from 24,268 over the same period a year earlier, according to the company’s annual reports.

India’s outsourcing giants rose to prominence in the late 1990s because they could deploy armies of engineers at lower salaries than their Western counterparts to build bespoke programs as well as monitor and maintain in-house computer networks cheaply for the world’s biggest companies.

They wrote basic code for databases and enterprise software and handled labor-intensive jobs, such as upgrading their customers’ copies of Microsoft Office, Explorer and other mundane programs.

As more companies ditch their own data centers for cloud storage and replace custom-made software with off-the-shelf cloud versions, the need for coders and technicians has fallen drastically, undercutting India’s low-cost-labor advantage.

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Business process outsourcing to India refers to the business process outsourcing services in the outsourcing industry in India, catering mainly to Western operations of multinational corporations.As of 2012, around 2.8 million people work in outsourcing sector. Annual revenues are around $11 billion, around 1% of GDP. Around 2.5 million people graduate in India every year. Wages are rising by 10–15 percent as a result of skill shortage.
Outsourcing accounts for around 20% of all of India’s exports of goods and services. The industry employs millions of Indians and has become an important route into the middle class in the world’s second-most populous country.
The impact of the move to cloud computing—where servers and software are accessed via the Internet rather than on local networks or personal computers—is being amplified by other trends, from automated code-writing to increased competition and falling corporate information-technology budgets.

Why Indian IT firms want to shift outsourcing projects from offshore to onshore model?
1. With the advent of automation at the heart of India's $146-billion information technology industry, the sector's biggest customers are starting to rethink their strategy around outsourcing and debating whether to shift some outsourcing projects onshore - a development that has the potential to make the offshoring versus on shoring debate irrelevant.
2. With automation having the potential of reducing costs by as much as 80% in commoditised service lines such as computer infrastructure management, customers of Indian IT are starting to initiate conversations around whether they can move more projects to onsite locations, without significantly disrupting the traditional offshoring labour arbitrage model of Indian IT in the near term.

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Job outsourcing to India (Sourabh Saha, 15030241047)

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Job outsourcing to India (Sourabh Saha, 15030241047)

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India has made a niche for itself in the outsourcing world. From low end work like data entry to high end research and engineering, almost every level of knowledge work is done in the country. India is renowned for its technical IT talent. It produces more English-speaking IT graduates every year than any other country in the world.
Outsourcing is a win-win situation for everyone who is involved in it. America and other Western countries get their technical and back office business requirements and services handled at much lower cost, while the workforce in India can reach global markets and improve its economic status. Due to the lower cost of living in India, American companies are able to save hundreds of millions of dollars.

Outsource work to Outsource2India and benefit from the different time zone advantage:
1. Support from the Government: The Indian Government is aware of the growth of the outsourcing industry in the country, and is providing all the support it can, such as lower interest rates, fewer foreign exchange restrictions and development of IT enclaves, which have helped the outsourcing industry, along with the encouragement of foreign direct investment into the country. With the Rupee now being fully convertible, Indian businesses are free to invest anywhere.
2. Better Communications: Outsourcing has largely become possible due to the improvements in communications between countries. Distance has not a limitation anymore to businesses in the West, allowing them to outsource their jobs to India. Faster and cheaper communications systems have made telephony, e-mail, videoconferencing and data transfer easier and more reliable than ever before.
3. Proficiency in English: India has the largest population of English speakers. Due to its colonial legacy, English became a part of the Indian education system, which has now become an advantage. China and Japan have challenged the world with their technological and manufacturing prowess, but could not beat India in terms of outsourcing, as their citizens found it harder to master foreign languages. Indians thus have an edge over other countries due to their fluency in English.

Some of the major segments and assignments that are outsourced by most companies to India are:

Business Process Re-engineering

E-Commerce

System Migration

Maintaining Legacy Systems

System Integration

Some more well known companies which outsource to India are:

Oracle

Dell Computer Support

Hewlett Packard

Schlumberger

ATT Wireless

Texas Electronics

TransUnion

Rand McNally

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Challenges ahead for India outsourcing (VIVEK KUMAR, 15030241052)

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Challenges ahead for India outsourcing (VIVEK KUMAR, 15030241052)

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The latest Nasscom-McKinsey study on India's information-technology and business-process outsourcing projects a scorching 25-percent growth a year for the next five years, it adds that achieving that growth isn't going to be easy

A huge shortage of talent, infrastructural deficiencies and external political problems like a backlash from European and North American markets could pose formidable challenges. "India's economic growth will be greatly accelerated if the India-based IT and BPO industries sustain their global leadership and are able to generate approximately $100 billion in export revenues by 2020," the report released Monday said. "But India's offshore industries have to overcome major challenges to continue their heady growth and sustain their share relative to other competing countries," it added. The first major challenge is that the demand growth may slow down. According to Noshir Kaka, principal of McKinsey and a co-author of the report, global companies are now at a crossroads point: "Increasingly there is a realization that changing business processes to accommodate large offshore workforces is a difficult, time-consuming task and often produces lower than expected savings." For instance, he says that it can take a year or two before performance stabilizes and the volume of work ramps up, which slows the payoff. And, as union and political opposition to offshoring grows, companies in Europe and North America are growing more wary of sending thousands of jobs to India. Indeed, during the recent referendums on the European Constitution, as well as the 2004 U.S. presidential campaign, job losses from offshoring were a major issue. "There are also concerns about service quality and security, in the wake of several well-publicized security breaches," said Kaka, "and these put together are making many companies think twice before moving functions offshore."

The BPO sector faces even bigger problems. Urban infrastructure is an even bigger challenge than the demand constraints that its peer -- the IT services sector -- faces. After all, India's offshoring industries are dealing with bottlenecks ranging from power to cafeteria services, the most glaring example of which is Bangalore -- considered to be the "Silicon Valley" of India -- which is almost on the verge of collapse. The report added that most larger Indian cities have reached saturation in terms of supporting the IT sector, and further growth will have to come from entirely new business districts outside of the Tier I and Tier II cities such as Bangalore, Madras (now called Chennai), Gurgoan (near New Delhi) and Pune (near Bombay).Equally importantly for the BPO sector, India also confronts a potential shortage of skilled workers in the next decade. The report has estimated that currently only about 25 percent of the country's technical graduates and 10 percent to 15 percent of general college graduates are suitable for employment in the offshore IT and BPO industries respectively.

"India will need a 6.3 million-strong IT and BPO workforce by 2020 to maintain its current market share," it says. "And our supply projections indicate a potential shortfall of nearly 0.5 million qualified employees -- nearly 70 percent of which will be concentrated in the BPO industry."

"As countries from around the world enter the market and competition for offshoring contracts intensify, India must improve the quality and skills of its workforce," the report added.

For instance, India lacks large numbers of workers who are fluent in French, German, Japanese and Spanish, making China and Eastern Europe more attractive offshoring destinations for Japanese and Western European companies, respectively.

The final challenge facing Indian IT service providers, according to the report, is the need to continuously innovate in developing new service lines and improving their operating processes.

"Traditional service lines such as call-centers are under pressure," says Jayant Sinha, a partner at McKinsey.

And given the latest rise in costs -- wages and other costs that are rising by 15 percent per year -- India-based IT and BPO providers will need to keep finding ways to reduce total costs so that "they can continue to offer customers 30 percent to 40 percent cost savings."

Additionally, the model of offshore replication of existing onsite processes limit providers from capturing the full value from offshoring.

Nevertheless, it is also true that the addressable market for global offshoring is huge and offers India an opportunity of dramatic growth if the country can meet these challenges.

"Our research suggests that rapid growth is likely to continue in the global offshore IT and BPO industries," the report said. The Nasscom-McKinsey study, which examined the offshoring potential for each service line in the IT market and for each vertical industry in the BPO market, indicated that the addressable market for global offshoring is above $300 billion, split almost evenly between IT and BPO. And India has realized "only around 10 percent or so of this addressable market until now leaving ample headroom for future growth."

Small wonder then that S. Ramadorai, CEO of TCS, the country's largest IT services company, believes the country's IT sector could become "one of the biggest examples of export-led growth in the world, rivaling the oil exports from the Gulf."

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While India struggles with a burgeoning population of educated youth, the rest of the world, especially developed countries, faces a shortage of working-age people, caused largely by lower birth rates and an ageing working population. While the requirement for skilled workers in these markets is increasing in line with economic growth, the availability of skilled people simply isn’t keeping pace. In professions like IT services, medicine, and education, the problems are already beginning to be felt. Exhibit 6 provides a snapshot of the potential labor shortages and avenues of supply in 2020. In addition to developed countries, even developing countries such as China and Russia will have a workforce shortage.
The challenge faced by other nations presents an opportunity for India. With its large population of educated youth, India can provide a host of services to such countries. These services fall into two broad categories:

1. Professional services to the world provided remotely from India – IT services, IT enabled services, telemedicine, e-learning, etc.

2. Customers serviced in India (import of customers) – special service tourism (health care, education services), leisure tourism, etc.

The potential revenue from these two opportunities is huge. By 2020, India Inc. can hope to generate $139-365 billion of additional revenue from these opportunities, pushing the GDP growth rate by an additional 0.6-1.5% between 2002-20. The resultant employment generation (direct and indirect) can be in the range of 20-72 million by 2020.

Remote services alone can contribute $133-315 billion in revenues to the Indian economy by 2020. The resultant employment creation (direct and indirect) will be in the range of 10-24 million jobs by 2020. Starting with simple services, such as call centers targeted at corporate clients, Indian providers can evolve to providing more complex services to corporations and also targeting individuals as potential customers.

The second opportunity, importing customers into India, has the potential of generating $6-50 billion of revenues and creating between 10 and 48 million jobs (direct and indirect) by 2020. Purely from an economic perspective, the fundamentals for this business are strongly in India’s favor. The cost of medical treatment and educational services in India is a fraction of the cost in developed countries

CONCLUSION

1. India can accelerate its economic growth and mitigate the unemployment problem that is forecast for the coming decades by seizing a huge opportunity provided to it by a combination of global developments in industry, trade, and demographics

2. Many agencies in India need to act now to prepare to capitalize on this opportunity. Even in a pessimistic scenario of global economic growth, the gains for India are very large. Therefore, we should not waste further time debating the precise size of this opportunity. Rather, we must move to action

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Introduction :

·         The services sector is not only the dominant sector in India’s Gross Domestic Product (GDP), but has also attracted significant foreign investment flows, contributed significantly to exports as well as provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.

·         Indian service sector grew at approximately 8 per cent per annum and contributed to about 64 per cent of India's GDP in FY 2015-16.

·         A T Kearney's 2016 Global Services Location Index (GSLI) rated India as number one out of the total 55 countries analysed.

India is the best outsourcing destination because of the following factors:

·         Right Skill set

·         Good talent at lower costs but also, quality work.

·         Reliable customer service and in getting an edge over the competitors.

·         Access to latest technology

·         Good educational infrastructure that ensures the availability of talented professionals

·         Secured business environment

·         Availability of labour and lower attrition rates

·         Work Ethics- mainly Respect giving attitude

·         Problem solving mindset

·         Proficiency in English language

·         Minimum turn around time so you get maximum benefits

Market Size :

·         The services sector is the key driver of India’s economic growth. The sector contributed around 66.1 per cent of its Gross Value Added growth in 2015-16, thereby becoming an important net foreign exchange earner and the most attractive sector for FDI (Foreign Direct Investment) inflows.!

·         The Indian telecommunication services market is expected to grow by 10.3 per cent year-on-year to reach US$ 103.9 billion by 2020##.

·         India is the eighth largest services exporter in the world. The services exports have in 2014 stood at US$ 155.6 billion, which constitutes 7.5 per cent of the GDP. The services imports increased at a rate of 3.3 per cent to US$ 81.1 billion in 2014-15.

·         Out of overall services sector, the sub-sector comprising financial services, real estate and professional services contributed 21.6 per cent to the GDP, and grew the fastest among all sub-segments at 10.3 per cent year-on-year in 2015-16. The sub-sector of trade, hotels, transport, communication and services related to broadcasting contributed 12.6 per cent to the GDP. The third-largest sub-segment comprising public administration, defence and other services contributed nearly 12.6 per cent to the GDP.

Investments :

The Indian services sector has attracted the highest amount of FDI equity inflows in the period April 2000-March 2016, amounting to about US$ 50.79 billion which is about 18 per cent of the total foreign inflows, according to the Department of Industrial Policy and Promotion (DIPP).

Government Initiatives

The Government of India recognises the importance of promoting growth in services sectors and provides several incentives in wide variety of sectors such as health care, tourism, education, engineering, communications, transportation, information technology, banking, finance, management, among others.

The Government of India has adopted a few initiatives in the recent past. Some of these are as follows:

The Government of India plans to significantly liberalise its visa regime, including allowing multiple-entry tourist and business visas, which is expected to boost India's services exports.

The Ministry of Communication and Information Technology has announced plans to increase the number of common service centres or e-Seva centres to 250,000 from 150,000 currently to enable village level entrepreneurs to interact with national experts for guidance, besides serving as a e-services distribution point.

The Central Government is considering a two-rate structure for the goods and service tax(GST), under which key services will be taxed at a lower rate compared to the standard rate, which will help to minimize the impact on consumers due to increase in service tax.

By December 2016, the Government of India plans to take mobile network to nearly 10 per cent of Indian villages that are still unconnected.

The Government of India has proposed provide tax benefits for transactions made electronically through credit/debit cards, mobile wallets, net banking and other means, as part of broader strategy to reduce use of cash and thereby constrain the parallel economy operating outside legitimate financial system.

The Reserve Bank of India (RBI) has allowed third-party white label automated teller machines (ATM) to accept international cards, including international prepaid cards, and has also allowed white label ATMs to tie up with any commercial bank for cash supply.

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In a recent survey, 80% of European and US outsourcing firms ranked India as their number one outsourcing destination. The National Association of Software & Service Companies (NASSCOM) also reported that almost half of all Fortune 500 companies choose to outsource software development to Indian outsourcing firms. Even though many other countries (including China, Mexico, Ireland and the Philippines) have emerged as major competitors, India has managed to outmaneuver all others and emerge as the top outsourcing destination.
One advantage of tier 3 cities is the relative affordability of real estate as facilities in Nagpur and Ahmedabad are 25% to 30% cheaper than Kolkata and Delhi, the report said.
Another advantage is the relative availability of labour, its lower cost and lower attrition rates.

Many of these cities have highly developed educational infrastructure, ensuring fresh crops of qualified graduates for the foreseeable future.

REASONS :
1.India has the largest technical and professional talent pool in the world
2.India offers flexible pricing options
3.India provides consistent high quality services
4.India boasts of the best in Infrastructure and technological capabilities
5.The Indian Government is stable and offers attractive IT policies
6.Indian companies provide the quickest time-to-market
7.India—the most preferred global destination

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The contribution of service sector in economic development of India :
The Indian service sector has been a major contributor to Indian economic development. The Service industry has evolved in the 70's through global phenomena such as outsourcing and globalization. This change in the economy has helped India to gain more foreign exchange funds and maintain the dollar and pound reserves. Service sector has replaced the agriculture industry as a prime contributor in Indian economy.
Indian service sector caters to many different functionalities and industries such as
Information Technology (the most leading service sectors in Indian economy)
IT-enabled services (ITeS)
Telecommunications
Financial Services
Community Services
Hotels and Restaurants

Indian advantage over other service based nations :
Because of the English proficiency of India and the education system, Indians can perform better than other service providing nations.
Labor cost in India is cheaper than other countries and the labor is skilled and disciplined.
In addition to the cheaper labor the India has made significant developments in the infrastructure sector. this promises a interruption free service for the customers.
India scores over other places in terms of being an ideal destination for investments mainly due to its vibrant democratic setup, which is aptly underpinned by a broad legal framework and independent judicial system.
Rapid changes in the IT hardware and software meant that India was not locked into older technologies and could leapfrog new technologies.

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Current Status of Outsourcing in India

The three-decade-old IT-BPO industry has had great impact on the Indian economy and society, more than any other sector, and within a much shorter time frame. According to the NASSCOM report, the Indian IT-BPO industry has undergone a rapid evolution, as it has kept abreast of what the global markets require in terms of products and services.

In a recent survey, 80% of European and US outsourcing firms ranked India as their number one outsourcing destination. The National Association of Software & Service Companies (NASSCOM) also reported that almost half of all Fortune 500 companies choose to outsource software development to Indian outsourcing firms.

Indian IT's core competencies and strengths have attracted significant investments from major countries. The computer software and hardware sector in India attracted cumulative Foreign Direct Investment (FDI) inflows worth US$ 21.02 billion between April 2000 and March 2016, according to data released by the Department of Industrial Policy and Promotion (DIPP).

Reasons why India is a top outsourcing power:

1.      Wide gap that exists between personnel costs in India and that of the developed countries.

2.       Consistent high quality service provided by Indian outsourcing firms.

3.      The Indian Government is stable and offers attractive IT policies

4.      Indian outsourcing companies are able to provide the quickest time-to-market due to the advantages gained by time zone differences.

5.      India has gained global confidence with major players such as Cisco, Oracle and Hewlett-Packard opting for India because they are confident of gaining access to superior talent, quality results, fast turnaround times and low costs.

Business Process Outsourcing (BPO) sector in Asia is more or less a battle between India and the Philippines

INDIAN GOVERNMENT INITIATIVES FOR IMPROVING SERVICES IN INDIA

1. PROVISIONS OF THE 2O14-2O15 UNION BUDGET: Service tax exemption for services provided by operators of common biomedical waste treatment facilities by treating or disposal of bio-medical waste or processes.

2. As part of Digital India Initiative Government has turned sufficient attention towards Healthcare services: E-health services which aims at providing timely, effective and economical healthcare services to all.

3. Major differentiators such as certain favourable government policies, fast-developing infrastructure- due to the advent of “Make in India” and “Digital India” initiative, and an immensely talented work force are responsible for the Indian IT outsourcing industry continuing to experience a tremendous growth rate of 25–30% per year.

4. With the advent of GST, the percentage of cascaded indirect taxes are expected to decrease in India.

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The National Association of Software & Service Companies (NASSCOM) also reported that almost half of all Fortune 500 companies choose to outsource software development to Indian outsourcing firms.

Even though many other countries (including China, Mexico, Ireland and the Philippines) have emerged as major competitors, India has managed to outmaneuver all others and emerge as the top outsourcing destination.

History:

India’s offshoring story began in 1985 when Texas Instruments set up its office in Bangalore.

In the 1990s, many airlines and technology companies started their India operations.

India has maintained its dominance in global sourcing of services since then, owing to its mature ecosystem.

With time, the Indian offshoring industry has evolved to cater to varied needs of its client base.

India provides the widest array of services (IT, BPO, KPO, R&D, Engineering services etc.) and the most mature service providers.

India also has the widest range of options for ownership models for sourcing of services.

Advantages of outsourcing to India:

Cost effective: lower wages when compared to US domestic market.

Round the clock service: With the 24 hours’ time zone difference, this makes US attorneys to expect work overnight outsourcing in the evening

Access to global pool: India offers large and trained labor force.

Professional employee: professional employees well trained to under American legal system.

Accuracy in work: As they can understand American legal system, the service they provide will be accurate.

Flexibility: LPO allows domestic firms to tap into global expertise.

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From having fluent english-speaking people in abundance, to owning high-tech areas built with technology and infrastructure of International standards, and providing quality results at low costs and high turnaround time, India boasts itself to be the most preferred outsourcing destinations.
According to a survey by Germany’s Steria Mummert Consulting, 26 percent of the companies polled said India was the most preferred outsourcing destination, while China came second to India as an offshore country destination, with 16 percent.
Mr Som Mittal, President, NASSCOM said, “While the short-term challenges exist, the potential for this industry is tremendous and the industry will not be demand constrained. The opportunity ahead is likely to increase by three times and India can aggregate revenues of US$225 billion by 2020. However, 80% of incremental growth will be driven by opportunities outside the current core markets, verticals and customer segments and will require industry to build different business models and the country to invest more in education and infrastructure”.