Nasscom Leadership Summit 2011
The IT sector has accounted for more than 10 per cent of the country's total FDI
Indian IT-BPO industry is becoming a leading global sourcing services center for the world. With Indian firms becoming global multinationals, the IT sector has accounted for more than 10 per cent of the country's total FDI, in the last decade.
Speaking at the press briefing ahead of the Nasscom Leadership Summit 2011 to be kicked off on Tuesday, Nasscom President Som Mittal said that Indian advantage is no more about cost arbitrage. “But we have moved far beyond that. Efficiency and transformation are the two value that we have added,” he said.
He highlighted that India is becoming a global hub for the engineering research and development (Engineering R&D), with over 750 captives. Also, world's six largest software corporations employ 20 per cent of the workforce in India.
“Despite the protectionism around, the Indian companies restructured itself, tried to transform their services and innovated new products and business models to achieve growth. Other trends included change in customer demands; the nature of deals changed from time and material to fixed pricing and outcome-based models,” Mittal observed.
Commenting on the performance of the BPO sector, he said that while the IT services grew at 22 .7 per cent, the BPO grew by 14 per cent only. Though there were lesser transactions, the BPO industry managed growth because of the new customers and new innovative services. For the first time Indian BPO companies would be working with global firms to design ISO standards for the sector, Mittal concluded.
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