‘India set to become global EPO & KPO hub’

Source : Sify News
Place : London
News Date : 31 January, 2006

After proving its mettle in Business Process Outsourcing, India is all set to emerge strongly on the global knowledge map as a centre of Engineering and Knowledge Process Outsourcing.

"Today, we are immensely proud to be the default choice as world’s back-office. India, at the same time, is rapidly ascending the knowledge chain. We are no longer a base only for low-end processes and operations," Commerce and Industry Minister Kamal Nath said here.

Making a strong pitch to business leaders from Commonwealth, Nath said "The unique combination of IT, biotech and a strong pharma and bulk chemical manufacturing base means that high-end R and D in sectors like pharmaceutical research, avionics can put India on the global knowledge map as a vibrant source of intellectual capital for the world,"

The new paradigm is that of a "credible India" with a six-decade old credible democracy, rule of law, an independent judiciary and free press and an economy witnessing a sustained growth of 7 to 8 per cent year after year, Nath said addressing a meeting of Commonwealth Business Council.

India’s Look East policy had contributed hugely to the new paradigm with Comprehensive Economic Cooperation Agreement with Singapore accelerating investments from there.

"Free Trade Agreements with countries as diverse as Sri Lanka and Chile, Thailand and Mauritius, and with the MERCOSUR countries of Latin America and the South Africa Customs Union (SACU) countries were all part of a trend towards forging stronger relationships and maximizing economic opportunities from some of the world’s most dynamic economies," he said.

Seeking a stronger economic relationship between India and the Commonwealth countries in general and Britain in particular, he said the country was on its way towards making a transition as scores of Indian companies emerged as global players.

"Last year, for instance, Indian companies paid almost $2 billion - five times the amount for all of 2001- to acquire 62 overseas companies," he said, adding "Indian firms are actually becoming global and if the trend continues, we will have a host of homegrown multinational companies operating all around the world."