Globalization is not new to India. It has started when the kings in India had a foreign collaboration with East India Company. However the actual globalization occurred to India after its Independence in 1947. Globalization in India became prominent after 1991. In the year 1991, a major restructuring of the Indian economy called LPG (Liberalization, privatization and globalization) was welcomed. Globalization and Liberalization have increased the outsourcing work to India.
The two Evolutions: Globalization is the process of increasing connectivity and interdependence’s of the world’s market and business. The way to develop the global economy by interacting other countries. On the other hand Liberalization is the process to reduce unnecessary restrictions on business units that are imposed by the government. Liberalization has helped the country to bring out them from economic crisis and to accelerate the growth of the economy.
India has been the favourite place for outsourcing. India is the world’s sixth most important offshore Research and Development location. The country has a global reputation of being in the leading position for BPO and call centers.
Here are Top 5 reasons why Companies Outsourcing to India:
- Provides High quality and secure services: When outsourcing the work to other companies, quality and secure services are the priority of hunting firms. Indian firms are well known for their high quality and secure services. These firms are able to work even under high pressure with accuracy and reliability.
- 24*7 days availability: Continuity is the way of success, in the same way a business also needs continuity and hard work to get success in the market. In any condition the work must go on. Indian work force is available 24 hours a day and 7 days a week on service. Doesn’t matter what the time is, they are always there day and night to back office support and assist their clients.
- Cost effective or low cost work force: Investing funds wisely in a business is essential for its survival. The cost of a labor much more depends upon its cost of living. Developed countries would have an expensive work force compared to the underdeveloped countries. India labor cost is negotiable. Firms can find quality work at low rates in India.
- Professional and high skilled work force: India has talent pool. One will find most productive and skillful workers in India. Indian workers are professionals and well educated. Because of the education level, language is not a barrier now. As a big part of it speaks and understand English, which is a universal language.
- Helps to focus on Core business: Maintaining a big part of staff is not an easy job. Not only it consumes fund, but also time. Outsourcing the work to the skilled and specialists will not only helps you to get the work on time, but also you would dedicate your time fully to your core business.