- Jacob Cherian
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A Rebound in Offshore Activity Signals India’s Recovery
A report by India’s Economic Times indicates that up to 11 multinational firms including Wells Fargo, Standard Chartered and Ingersoll Rand set up back office facilities in India during the 3rd quarter of 2009.
A research firm, Everest Group, says this bodes well for the overall business momentum in India picking up in 2010. Two of the reasons cited for India’s resurgence are the depreciation of the Indian currency and the reduction in operating costs which have enticed outsourcing operations back.
Although there was movement of outsourcing projects to facilities in Latin America and Southeast Asia, India continues to dominate the scene in the third quarter.
The new numbers signal a shift away from the doldrums of the first part of 2009. Many U.S. firms like GE and CitiGroup put expansion plans and capital projects on hold due to the deteriorating financial ratios.
Jacob Cherian is AlterNow’s India Contributor. He is a business writer for Offshore Advisor.