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History proves global commerce is good

Old 06-06-2007, 09:08 PM
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History proves global commerce is good

History proves that global commerce is good for the world. The globalization has led to the fast growth of offshore outsourcing. For many years now, India has been the undisputed King in offshore outsourcing. It is hard to predict where the next outsourcing destinations will be despite a number of emerging locations.

With more and more work, being shipped offshore there is a hue and cry against outsourcing in countries like America. However, less than 20% of the outsourced work gets shipped off to offshore destinations.

America has always been the land of innovations and new technology. It can doubtless regroup and rise up with fresh ideas to survive and flourish in this modern times. In a society that fosters independent thinking and rewards innovation, ambition and free enterprise, the emergence of a better business model is inevitable.

In today’s global economy, the division of labor between Asia's giants is clear. China, the world's factory floor, makes everything from shoes to computers. India, the world's back office, does things - from fixing software glitches to chasing down credit card debt. India's services sector is red hot and with IT ruling the day, India is on the top of the outsourcing pyramid.

India and China are both vast countries open to development, filled with opportunities. India with its solid underpinnings for economic growth, including a democratic government, a strong education system, widespread knowledge of English and a deep pool of expatriates experienced in Western businesses is the preferred destination not only for service outsourcing but for future manufacturing investment too.

There has been a lot of outcry against offshoring and outsourcing to India and other similar locations, but the bottom line is, it is a globalized world. People will work harder for less in markets like India and China, and more production work will be moving to these countries.

Large numbers of Indian entrepreneurs have been able to work abroad as expatriates in many roles. This will manifest in the kind of businesses they develop, particularly in information technology, and the pace with which they're going to be able to have technologies migrate from India. India has an advantage in healthcare including biotech, pharmaceuticals and telemedicine.
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