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December 2003
Did you see the November 24, 2003 issue of FORTUNE? It has a special
Report on US Economy and one of the Articles in this Special Report
is “Where Your Job Is Going?” (Page 84). No doubt it is an
interesting article. Justin Fox, the writer does not mince words
when he states that a visit to Bangalore, India, a city where tech
is hot, the drinks are cold, work is plentiful, and the salaries are
a lot lower than yours (US salaries).
We had seen some previous cycles when blue-collar jobs went away.
First it was the smoke industry, then manufacturing and then even
electronic manufacturing. Those US jobs were stolen by Far East,
Japan, Taiwan, Singapore, Hong Kong, China and Malaysia.
This is the first time that White Color jobs have gone and are going
away from USA. India is the major beneficiary. The land of
opportunity is India. The major cities getting all the benefits are
Delhi, Mumbai, Pune, Hydrabad, Bangalore, Chennai and Kolkata.
Delhi has gained 73,000 workers in call centers, transaction
processing, chip design and software. The giants present here are
GE, American Express, STMicroelectronics, Wipro Spectramind,
Convergys and Daksh.
Mumbai has gained 62000 jobs in financial research, back office,
software and the presence is of Morgan Stanley, Citigroup, TCS,
Mphasis, I-Flex Solutions.
Pune is home to Call centers, chip design & embedded software for
Msource, C-Dac, Persistent Systems, Zensar and the gain in
employment is 7300.
Bangalore is the jewel in the crown with a bounty of 109,500 jobs in
chip design, software, bio-informatics, call centers, IT Consulting,
Tax Processing and the galaxy of companies that are present here are
Intel, IBM, SAP, SAS, Dell, Cisco, TI, Motorola, HP, Oracle, Yahoo,
AOL, E&Y, Accenture, Wipro, Infosys and Msource.
Hydrabad boasts of a gain of 36500 jobs in software, back office,
product design for HSBC, Microsoft & Satyam.
Kolkata ties with Pune with 7300 jobs in consulting and software for
PwC, IBM, ITC Infotechs & TCS.
There are more than 350,000 people working in IT Services and
outsourcing in India now, the number is expected to pass one million
before 2008.
The India may turn out to be one of the winners of the digital,
global, interconnected economy has of course come as a surprise to
many people. Gandhi wanted a village based self-sufficient economy
based on spinning wheel. Nehru wanted to industrialize but did not
trust the industrialists, so adopted the “Socialistic Pattern.”
This article cites two major factors for this unbelievable boom in
India from its decades of dismal performance what came to be known
as the,”Hindu rate of growth of 3.5% a year – a disastrously slow
for a developing country with a burgeoning population.”
FIRSTLY, a currency crisis in 1991 finally put an end to this
madness (socialism). After being forced to fly back the bulk of the
nations gold reserve to London as collateral for an IMF loan, a
government led by Congress Party of Gandhi and Nehru finally started
hacking away at India’s economic regulations and import tariffs.
SECONDLY, “Now we know what all the fiber-optic cable is good for:
BROADBAND’S KILLER APP, IT TURNS OUT, IS INDIA.
DO YOU RECOGNIZE THE ROLE OF TWO STALWART SIKHS?
Quiz #1? Who turned India’s Economy 180 degrees from decades of
dismal performance in socialistic pattern to capitalistic road? Yes
you guessed it right – DR. MANMOHAN SINGH, the then Finance Minister
of India.
Quiz # 2? Who is the inventor of Fiber Optics without which the
economic miracle that India is boasting now would not have been
possible? You are right again,
DR. NARINDER SINGH KAPANY, the Father of Fiber-Optics.
Jasbir Singh Sethi
Houston
November 17, 2003
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