India is fast emerging as a hub for outsourcing. Outsourcing simply means that some tasks that the company needs to do, instead of doing it within its own organization one "outsource" it to some other firm. "Outsourcing jobs in India started in a small way, but are going to be big". This is the latest trend in the today's world. A product is today conceived in one country, designed in other, manufactured in some other Country and sold in markets across the globe.
India is ready to emerge as a global outsourcing hub for commodity financial services. For instance a financial firm needs to do payroll accounting. Instead of doing it themselves they outsource it do an accounting firm. The idea behind it is the work will be done cheaply and the company can focus on its own specialty. It also effects a lot on Indian economy by this process thousands of jobs are being created and much of these services are export oriented job growth intensive.
India is now flooded with calls to manage foreign demat commodity accounts and warehouse receipts sitting right here. What make this business bigger and better than ordinary call centers are not just the sheer volumes in commodity trading. Indian commodity BPOs will be offering high-value, complex back-office processes to foreign banks. That puts them higher up the value chain than the classic low-cost, low-end transactional services offered by the typical neighborhood BPO...
The high level of engineering skills in India also helps companies face the growing competitive pressure to create new products and bring them to market faster, or add new features and functionality to existing ones. Even the cost benefits are enormous, for example as designers in India don't charge by the time as opposed to the charge-by the-hour system in the developed world.
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