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Liberalisation, Privatisation And Globalisation — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsLiberalisation, Privatisation And Globalisation6 Marks
Question
India has certain advantages which makes it a favourite outsourcing destination. What are these advantages?
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Answer

Most multinational corporations, and even small companies, are outsourcing their services to India as India has the following advantages:
  1. Availability of Cheap Labour: India is a country with a large population and thus abundant supply of labour. Due to this reason, labour in India is available at low wage rates. This helps foreign companies in reducing cost of operation by outsourcing their business processes to India.
  2. Skill and Accuracy: India has a wide pool of talent in the form of educated and trained youth who have the required skill and can work with accuracy in the business processes such as accounting, record keeping, IT consultancy, etc. Here outsourcing plays a vital role it gives a platform to the people so that they can use and enhance their skills and secondly that need low training period and thus, low cost of training.
  3. Continuity and Risk: Management Periods of high employee turnover will add uncertainty to the operations. Outsourcing will provide a level of continuity lo the company while reducing the risk that a substandard level of operation would bring to the company.
  4. Reduced Overhead: Overhead costs of performing a back office functions are extremely high but due to the out sourcing those functions are become cheaper and convenient to use.

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