Born out of the forces of globalisation, India's IT sector is undertaking some globalisation of its own. In search of new sources of rapid growth, the country's outsourcing giants are aggressively expanding beyond their usual stomping grounds into the developing world; setting up programming centers, chasing new clients and hiring local talent. Through geographic diversification, Indian companies hope to regain some momentum after the recession. This shift is being driven by a global economy in which the US is no longer the undisputed engine of growth. India's IT powers rose to prominence largely on the decisions made by American executives, who were quick to capitalise on the cost savings to be gained by outsourcing noncore operations, such as systems programming and call centers, to specialists overseas. Revenues in India's IT sector surged from $4 billion in 1998 to $59 billion last fiscal, but with the recession NASSCOM forecasts that the growth rate of India's exports of IT and other business services to the US and Europe will drop to at most 7% in the current fiscal year, down from 16% last years and 29% in 2007-08. Factors other than the crisis are driving India's IT firms into the emerging world. Although the US still accounts for 60% of the export revenue of India's IT sector, emerging markets are growing faster. Tapping these more dynamic economies won't be easy, however. The goal of Indian IT firms for the past 30 years has been to woo clients outside India and transfer as much of the actual work as possible back home, where lower wages for highly skilled programmers allowed them to offer significant cost savings. With costs in other emerging economies equally low, Indian firms can't compete on price alone.
To adapt, Indian companies which are relatively unknown in these emerging nations are establishing major local operations around the world, in the process hiring thousands of local operations around the world, in the process hiring thousands of locals. Cultural conflicts arise at times while training new recruits. In addition, IT firms also have to work extra hard to woo business from emerging-market companies still unaccustomed to the concept of outsourcing. If successful, the future of India's outsourcing sector could prove as bright as its past.
Which one of the following words is most similar in meaning to the word 'chasing' as used in the passage?
Choose the word the meaning of which is opposite to 'refulgent'
'Obiter dicta' means
Direction for the question: In view of the passage given below: Choose the best option for question.
When talks come to how India has done for itself in 50 years of independence, the world has nothing but praise for our success in remaining a democracy. On other front, the applause is less loud. In absolute terms, India has not done too badly, Of course, life expectancy has increased. So has literacy. Industry, which was barely a fledging, has grown tremendously, As far as agriculture is concerned, India has been transformed from a country perpetually on the edge of starvation into a success story held up for others to emulate. But these are competitive times when change is rapid, and to walk slowly when rest of the world is running is almost as bad standing still on walking backwards.
Compare with large chunks of what was then the developing world South Korea, Singapore, Malaysia, Thailand, Indonesia, China and what was till lately a separate Hong Kong- India has fared abysmally, It began with a far better infrastructure than most of these countries had. It suffered hardly or not at all during the Second World War It ha advantages like a English speaking elite, quality scientific manpower (including a Novel laureate and others who could be ranked according to their global competitiveness, it is tiny Singapore that figures at the top. Hong Kong is an export powerhouse. So is Taiwan. If a symbol were needed of, how far we have fallen back, note that while Korean Ceils are sold in India, no one is South Korea is rushing to by an Indian car. The reasons list themselves, Top most in economic isolationism.
The government discouraged imports and encouraged self-sufficiency. Whatever the aim was, the result was the creation of totally inefficient industry that failed to keep pace with global trends and, therefore, became absolutely uncompetitive. Only when the trade gates were opened a little did this become apparent. The years since then have been spent in merely trying to catch up. That the government actually sheltered it’s the years since then have been spent in merely trying to catch up. That the government actually sheltered its industrialists from foreign competition is a little strange. For in all other respects, it operated under the conviction that businessman were little more than crooks how were to be prevented from entering the most important area of the economy, how were to be hamstrung in as many ways as possible, how were to be tolerated in the same way as an in excisable wart. The high expropriator rates taxation, the licensing laws, the reservation of whole swathes of industry for the public sector, and the granting of monopolies to the public sector firms were the principle manifestations of this attitude. The government forget that before wealth could be distributed, it had to be created.
The government forgot that it itself could not create, but only squander wealth, Some of the manifestations of the old attitude have changed, Tax rates have fallen, Licensing has been al but abolished. And the gates of global trade have been open wide. But most of these changes were first by circumstances partly by the funds of support the public sector, leave alone expand it. Weather the attitude of the government itself, of that of more than handful of ministers, has changed, is open of question. In many other ways, however, the government has not changed one with. Business till has to negotiable a welter of negotiations. Transparency is still a longer way off. And there is no exit policy. In defending the existing policy, politicians betray and inability to see beyond their noses. A no-exit policy for labour is equivalent to a no-entry policy for new business. If one industry is not allowed to retrench labour, other industries will think a hundred times before employing new labour. In other ways, the government hurts industries.
Public sector monopolies like the department of telecommunications and Videsh Sanchar Nigam Ltd. make it possible for Indian business to operator only at cost several times that off their counterparts abroad. The infrastructure is in a shambles partly because it is unable to formulate a sufficiently remunerative policy for private business, and partly because it does not have the stomach to change market rates for services. After a burst of activity in the early nineties, the government id dragging its feet. At the rate it is going, it will be another fifty years before the government realizes that a pro-business policy is the best pro-people policy. By then of course, the world would have moved even father ahead.
According to the writer……
“Amicus curiae” means: