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As of 2012, around 2.8 million people work in outsourcing sector. [1] Annual revenues are around $11 billion, [1] around 1% of GDP. Around 2.5 million people graduate in India every year. Wages are rising by 10–15 percent as a result of skill shortage. [1] As of 2021, revenue of Indian BPO industry was estimated at US$ 38 billion. [2]
The Public Enterprises Survey (2015–16), brought out by the Department of Public Enterprises, Ministry of Heavy Industries, Government of India on the performance of Central Public Sector Enterprises (CPSEs) was placed in both the Houses of Parliament on 21 March 2017. There were 331 CPSEs in 2017-18, out of which 257 were in operation.
Privatization (rendered privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when a heavily regulated private company or industry becomes less regulated.
India, China and the Philippines are major powerhouses in the industry. In 2017, in India, the BPO industry generated US$30 billion in revenue according to the national industry association. [209] The BPO industry is a small segment of the total outsourcing industry in India. The BPO industry workforce in India is expected to shrink by 14% in 2021.
[35] [37] [39] As a global outsourcing hub, the Indian IT industry benefits from a lower cost of living and the consequent cheaper labor. [40] [41] Several factors contribute to the high attrition rate in the Indian IT sector. These include a lack of career growth opportunities, work-life balance issues, high workload and stress, and limited ...
Public Sector Undertakings (PSU) in India are government-owned entities in which at least 51% of stake is under the ownership of the Government of India or state governments.These type of firms can also be a joint venture of multiple PSUs. These entities perform commercial functions on behalf of the government.
Customer Support Outsourcing (CSO) involves delegating customer service functions to offshore call centres or service providers to handle inquiries, complaints, and assistance. Recruitment Process Outsourcing (RPO) is a workforce solution in which a business transfers all or part of its recruitment to an external provider.
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military , law enforcement , public infrastructure , public transit , public education , along with public health care and those ...