Business outsource to India has gradually become one of the well known business sectors in the country. The main reasons behind the growth of the industry are the economic liberalization policies undertaken by the government and the globalization. To cater to the growing demand of consumerism and the rising market, more and more foreign companies are outsourcing to India.
The availability of skilled manpower and cheap labor rates have attributed to the growth of the outsourcing business in India. The outsourcing business has also become one of the main generators of employment for the youths and the fresher. According to recent surveys, around 0.7 million people work in the business outsourcing sector with an average wage growth of around 10 to 15 % annually.
Reasons why more companies outsource to India
There are a number of reasons why more and more foreign companies are starting outsourcing businesses in India. Some of the main advantages of India as an outsourcing destination are flexibility, technological competence, quality output, cost control facilities, time-to-market and so on.
According to recent surveys, around 82 of the major US companies have said that India is their first choice for outsourcing. With the development of the economy, the number is expected to rise. Renowned entrepreneurs like Bill Gates have hailed India as an IT superpower with immense expertise and competence.
Some of the major segments and assignments that are outsourced by most companies to India are:
Business Process Re-engineering
Maintaining Legacy Systems
Apart from these, other specialized jobs are also done according to the skill set and the type of output the company is looking for.
Leading companies which outsource to India
There are numerous companies which provide outsourcing assignments to India. Most of these companies belong to the market segments and industries such as finance, banking, information technology, and analytics and so on. Some of the leading companies are:
Mastek Limited: It is a premier P-CMM Level 3 and SW-CMM Level 5 company which provides outsourcing in a number of segments like finance, banking, analytics, and logistics and so on. It has been in operations since two decades.
Orcim Soft, Inc.: It offers a major portion of outsourcing work to India in various sectors. The main areas of expertise include software development, solutions in information technology and so on. The company has offices in various countries like United Kingdom, US and so on.
In addition to these, there are lots of other renowned companies outsourcing to India. Well known global banks and financial organizations like CITIBANK, JP Morgan, GE Capital and lots more are outsourcing their products and services to India. In case of software solutions, IT giants like IBM, Microsoft and others provide outsourcing solutions. These companies even have their offices in various cities of India. Some of the main domestic players in the industry of outsourcing are Wipro, Infosys and so on.
Some more well known companies which outsource to India are: