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> Obama’s wrong; so are some of us
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Obama’s wrong; so are some of us
That outsourcing is unavoidable is a fact some Indians fail to digest
If you thought that protests against outsourcing have been the forte of foreign countries and nationals, then allow us to refresh your memories that it was not many years ago when in the very land where outsourcing is flourishing and a considerable proportion of people are benefited by it, the employees of Reserve Bank of India were on the streets to protest against the Finance Ministry’s decision to outsource its ‘cheque clearing’ work. And more recently in April 2008, school workers along with other protesters marched to the Parliament House to protest against the state government’s decision to outsource cleaning, maintenance and security jobs.
That outsourcing is inevitable and as unavoidable as globalisation today, is a fact that perhaps escapes Indians. Researches show that outsourcing saw its brightest days of growth and prosperity post the Y2K myth busting, which gave a large number of Indian companies an entry into businesses of foreign clients and subsequent outsourcing projects. Add to that the fact that in 2004, outsourcing deals globally rose by 37% to a gigantic $163 billion. According to CAP Ventures’ latest forecasts, just the Document Outsourcing Market (DOM) in western Europe was touching 27 bn euros in 2006. The forecasts predict that in US, this market will increase from $36.2 bn in 2007 to a super $46.8 bn in 2012.
India’s outsourcing industry was estimated to be worth around $52 billion in 2007-08. Compare that to the industry size in China in the same year, which was about $15.2 billion only. But now sample the growth that China sees. This industry that employs over 30 million Chinese, is predicted to touch a mind numbing $180 billion by 2010. Obama has clearly realised that his initial statements against outsourcing and protectionism were wrong. One hopes old school Indians realise this too...
By:- Akram Hoque
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