At a time when the US economy is reeling under the financial crisis, the domestic market needs a well-managed approach to overcome global economy havoc. The situation is not so gloomy, although ICICI, the largest private bank in India, has suffered looses at a tune of Rs.375 crore.
India is one the major markets for large overseas companies and lucrative outsourcing destination. According to NASSCOM chief- Som Mittal., IT and ITES services are growing at a faster rate and are poised to generate nearly $ 60 billion in revenue by 2010. With the global financial turmoil, India is expected to benefit from its BPO and IT/ITES offshoring services.
Kamal Nath, Commerce and Industry Minister, while participating in the India-EU Business Summit was quoted as saying that short and medium term fundamentals of the Indian economy were sound, the country could not remain insulated in the long term from such a crisis.
The Indian BPO industry is poised to grow nearly five-fold to $ 50 billion by 2012, a study by India's National Association of Software and Services Companies (Nasscom) and consulting organization Everest Group said. The Indian BPO industry employs about 700,000 people across 25 countries and accounts for about 40 % of the total global BPO offshore market. The industry aims to provide direct employment to over 2 million people in next five years in India alone.
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