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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Wyätt Gwyön who wrote (4449)1/6/2004 12:42:16 AM
From: ild  Read Replies (3) of 110194
 
India on North American mind
PTI[ SUNDAY, JANUARY 04, 2004 10:11:52 AM ]

TORONTO: India is likely to benefit from exodus of high tech jobs from North America as over six million jobs are expected to shift overseas in a decade.

"In the next decade, as many as six million jobs might be sent to India and other nations by US companies in search of lower costs and a tech-savvy, English-speaking workforce," Goldman Sachs Group Inc said in a recent report.

"The shift of North American technology jobs to low wage countries like India cannot be stopped because not only are Indian companies offering a third of the cost, but they actually are better" said Pradeep Sood, President of Indo-Canada Chamber of Commerce.

Indian workers earn as little as one-tenth of their North American counterparts, and India produces 67 per cent more engineers and computer scientists each year than the US, said Sood, suggesting that India should take full advantage of its low salaries and skilled work force.

A number of multinational corporations like Microsoft, Intel , Accenture Ltd and GM Motors have already started taking advantage of cheaper costs in India. Microsoft, that employs 250 workers in India, is on track to double its workforce to 500 by 2005.

timesofindia.indiatimes.com
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