India has enjoyed being one of the top destinations for outsourcing services. India’s vast relatively better English speaking youngsters revolutionised the outsourcing industry. For years, India pioneered provision of lower end outsourcing services to the world. As some Asian and Latin American countries catch up and give India competition in this space, Indian outsourcing industry needs to reinvent itself at grass root level. We need to look more and more into providing high end, more complex business functions to bring down the exponential costs for those functions.

 It is also perhaps time for India to become the world’s next best factory in the manufacturing sector especially pharmaceuticals, an industry where India has already proved itself in the generic drugs market. With its vast resources, India can also offer R&D capabilities.