The story of outsourcing is a story of change -- extremely fast-paced change. Naturally, it has been affecting the lives of many. Interestingly, it had a quiet beginning in the early 1990s when pioneers such as GE, Citibank, Amex and British Airways set up captive units in India. Now this trend has burgeoned into a huge industry with third party ITES/BPO companies bagging prestigious remote services projects from leading global organisations.

Last year alone, outsourcing in India grew over 25 per cent, and India continued its domination over other competing countries such as China, Ireland, Israel and the Philippines. No wonder projections are flying thick and fast.

• The McKinsey Global Institute (MGI) estimates that the volume of offshore outsourcing will increase by 30 to 40 percent a year for the next five years.
• Forrester Research estimates that 3.3 million white-collar jobs will move overseas by 2015.
• In one May 2003 survey of chief information officers, 68 percent of IT executives said that their offshore contracts would grow in the subsequent year.
• The Gartner research firm has estimated that by the end of this year, 1 out of every 10 IT jobs will be offshored.
• Deloitte Research predicts the outsourcing of 2 million financial-sector jobs by 2009.
• According to business intelligence major International Data Corporation (IDC), the IT-enabled services market globally will account for revenues of US$ 1.2 trillion by 2006. With growth projected at 11 percent annually, the ITES/BPO segment will provide one of the most significant business opportunities for the Indian software and services industry.

Fortunately, India is in a position to cater to the demands of the market. Its biggest strength is its vast supply of over 2 million graduates and 300,000 post graduates that pass out of its colleges each year. Its vast resource of English-speaking college-educated workforce and low-cost labour gives it an edge in the offshoring world.