India Now - page 20

COVE R S TORY
S E R V I C E S E X P O R T S
18
APRIL-MAY 2015
|
ers in business process outsourcing ser-
vices and is offering professional services
globally. Lower cost of services delivery
and an educated and qualified workforce
are the inherent advantages offered by
India,” says Mr Wahi.
Mr Sudip Bandyopadhyay, Manag-
ing Director and CEO of Destimoney
Securities, agrees, pointing to the grow-
ing demand for financial consultancy
services, both domestically and abroad.
“We expect this demand to accelerate,”
he says. Consultancy services from India
are sought in areas of project structuring,
project financing, financial processes,
risk, performance monitoring and mea-
surement, etc.,” he adds. The surging
demand can be attributed to Indian pro-
fessionals being efficient and skilled and
their services cost effective. The financial
sector has also been witnessing a slowly
changing pattern in demand with tradi-
tional back office and accounting services
being replaced by a new surge in demand
for analytics, financial modeling, risk
consultancy, etc. Apart from the above,
niche businesses like commodity trad-
ing, currency trading etc., are also seek-
ing advisory services from India. The
maximum demand is being generated
from the major metros in India which
are the traditional business hubs. Europe
and USA lead the demand for service
exports. “Indian financial services sector
is recognised as effective and well regu-
lated. Our systems and structures are
emulated by emerging markets across
the world. In many areas, our processes
are even better than major global play-
ers,” Mr Bandyopadhyay concludes.
Rao of ManpowerGroup India says
that the logistics services market and IT
outsourcing are bullish and therefore
creating demand. “Owing to cent per
cent FDI allowance in logistics and rapid
globalisation, the Indian market is on a
growth trajectory. Growing competition
in retail and private telecom sector, e-tail-
ing, financial institutions’ dependence on
courier and seasonal business upsurge
have been acting as the key drivers of the
courier market. A surge in government
initiatives in the form of National High-
ways Development Project (NHDP),
development of Dedicated Freight Cor-
ridor of Indian Railways, port sector ini-
tiatives, etc., are providing the necessary
impetus to the overall logistics industry,”
he elaborates. The rapidly evolving logis-
tics sector on the back of an expanding
e-commerce industry would create a
demand for professionals in manage-
rial and operational roles. The growth in
this industry is also expected to create a
demand for heavy equipment operators
and supply chain professionals. “As these
sectors evolve and the complexity of the
operations increases driven by technol-
ogy and regulation, there is expected to
be a significant growth in demand for
specialists,” says Mr Wahi.
In the tourism sector, experts in multi-
lingual communications skills and
specialised products such as adventure
tourism, heritage tourism, etc., will be
much sought after. Medical value travel,
also popularly known as medical tour-
ism, is being considered as India’s next
crown jewel. As per KPMG estimates,
the medical value travel market in India
has been estimated at US$ 4 billion in
2014. The country hosted ~170,000
patients from all over the world in 2012,
with a majority coming from developing
and underdeveloped economies. One
of the important factors promoting this
category of tourism is the government’s
recently released category of medical visa
or M visa, to encourage medical tourism
in India. The Government of India has
also been promoting wellness as a sepa-
rate category of tourism under which
recognised institutions offer treatment
Services Exports
Travel
Transportation
WORLD OF OPPORTUNITIES
India’s Service Exports in US$ billion
2013-14 (April-June) (P)
2012-13 (P)
2011-12 (P)
2010-11 (PR)
2009-10 (R)
2008-09 (R)
(P)
- provisional
PR
- partially revised
R
- revised
(RBI balance of payment release on 30.09.2013)
Source: Services Export Promotion Council
36.52
145.67
142.32
132.88
96.04
105.96
3.82
4.13
17.33
18.24
14.2
11.17
11.31
17.99
18.46
15.27
11.85
10.89
1...,10,11,12,13,14,15,16,17,18,19 21,22,23,24,25,26,27,28,29,30,...62
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