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Outsourcing and its potentials for India - Developments and issues in international business Video Lecture | International Business - B Com
FAQs on Outsourcing and its potentials for India - Developments and issues in international business Video Lecture - International Business - B Com
| 1. What is outsourcing and how does it relate to India? |  |
Ans. Outsourcing refers to the practice of contracting a business process or service to a third-party company. In the context of India, outsourcing has become particularly significant as the country has emerged as a major hub for IT and business process outsourcing (BPO) services. Many multinational companies choose to outsource their operations to India due to its skilled workforce, cost-effectiveness, and favorable business environment.
| 2. What are the potential benefits of outsourcing for India? | |
Ans. Outsourcing has brought several benefits to India's economy. Firstly, it has created employment opportunities for millions of people, particularly in the IT and BPO sectors. It has also helped in the transfer of technology and knowledge, as Indian professionals get exposure to global best practices. Additionally, outsourcing has boosted foreign direct investment (FDI) inflows into the country and contributed to its economic growth.
| 3. What are some of the developments in international business related to outsourcing in India? | |
Ans. Over the years, there have been various developments in international business related to outsourcing in India. One significant development is the expansion of outsourcing beyond IT and BPO services to include sectors like healthcare, finance, and engineering. Additionally, there has been a shift from traditional outsourcing models to more collaborative partnerships, where companies work closely with their outsourcing partners to achieve mutual goals.
| 4. What are some issues or challenges faced in international business outsourcing to India? | |
Ans. While outsourcing has brought many advantages, there are also some challenges associated with international business outsourcing to India. One major issue is the risk of data security and privacy breaches, as companies need to share sensitive information with their outsourcing partners. Additionally, there can be cultural and language barriers that need to be overcome for effective communication and collaboration. Lastly, there is always a concern about the potential loss of domestic jobs in the outsourcing destination.
| 5. How can India further leverage outsourcing to boost its economy? | |
Ans. To further leverage outsourcing for economic growth, India can focus on developing niche capabilities and expertise in emerging technologies. By investing in research and development, India can position itself as a preferred outsourcing destination for cutting-edge services. Additionally, the government can provide a conducive policy environment and infrastructure to attract more foreign companies to outsource their operations to India. This will not only create more jobs but also lead to technological advancements and innovation in the country.
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