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India Pockets Profits from Outsourcing
India's revenue from exports of “back-office” services grew more than 30 percent to $12.5 billion during the fiscal year that ended in March, despite a backlash in the United States against outsourcing, a trade group said Thursday.
The National Association of Software and Service Companies said annual revenue stood at $12.5 billion in the latest fiscal year, compared with $9.6 billion in the previous year.
Many large American companies have software development and routine office functions like customer services or payroll documentation done in countries like India, where wages and costs are much lower.
U.S. based companies continued to be the main source for India's outsourcing industry, accounting for 70 percent of its revenue, despite opposition from U.S. labor and political leaders who argue the practice has led to significant U.S. job losses. |
