India has remained the undisputed leader in offshore outsourcing for over a decade thanks to its extensive talent pool, cheaper labor cost, and conducive government policy. The Indian government has been encouraging the growth and development of IT offshore outsourcing and it has even organized its primary, secondary, higher secondary and professional education systems accordingly to suit the need of outsourcing. Specific emphasis is being given on the math, science and information technology to strengthen the talented pool further and make the educated youth employable.
The combined endeavor of the Indian government and the Indian IT industry has paid off and catapulted the Indian offshore outsourcing industry literally to a brand-new height. With the consistent and phenomenal performance of the India IT industry which has only become better and better with the passage of each year, Indian offshore outsourcing industry has flipped the global outsourcing market inside out. It’s no wonder then why the Indian IT hub Bangalore is hailed globally as the leading destination of world’s Silicon Valley. The seamless quality delivered by the offshore IT industry has earned a trust and name the global outsourcing world reckons with. As a result, the Fortune’s top corporations consider Indian offshore industry more seriously than its counterparts such as Ireland and Philippines.
The upsurge of the offshore outsourcing has opened the floodgate of job opportunities for many young talents in India. Today, India is witnessing unprecedented job generation in both domestic as well as foreign markets. Unlike the past scenario when a better part of the educated youth used to remain employed, today, the young talents are geared up to embrace the excellent and promising job opportunity which not only given the financial independence but also a great career prospect. Each year, Indian education system is churning out a good number of educated professionals who can potentially contribute to the global outsourcing industry to a significant level. No doubt, it has been responsible for the boom of various offshore outsourcing services in India.
Primarily, India is offering three major outsourcing services to its clients such as finance, human resource, and customer service. Unsurprisingly, according to fiscal report 2006-07, the outsourcing sector has contributed a whopping 90% in the national revenue. Having made a magnificent market and setting new benchmarks, India offshore outsourcing industry is now zeroing in on the world pharmaceutical industry which is estimated to be of around $17 billion.
Moreover, the projected growth prospect for both pharma and legal outsourcing looks extremely encouraging with an estimated surge of $50 billions and $6 billion respectively in the next five years. While the overseas demand for outsourcing to Indian has gone up by 30%, the Indian job industry thriving on the employment opportunities. Despite this all, Indian is not showing any sigh of letting up or slowing down. It is constantly trying to generate more offshore clients. As India will get more and more organized, and the number of IT companies will burgeon, the presence of the Indian offshore outsourcing industry will be much more dominating.
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