Last week, on 24th March 2011, NASSCOM convened the first ever summit representing only the captive companies in India. The summit was an outstanding success with participation swelling to more people than what could be accommodated in the largest banquet hall of Hotel Taj Krishna at Hyderabad. That day was special because India played Australia to seal their semi final berth in world cup cricket and the live telecast of the match was also not enough to dampen the spirit of participants.
This summit was unique because it became a platform for more than 750 companies in India which are working only for their parent companies globally as an offshore entity. Such companies have no avenue to reach out to public with their contribution to the country and the global business scenario as they are not designed to work outside the boundary of their founding company. This is what makes most of them either unknown or not so known in market. The statistics however reveals that more than 400,000 jobs have been created by just the captive companies in India which is about 30% of the total IT workforce in India catering to overseas market.
The summit covered a lot of speakers from various captive companies and their parent organization who took the audiences through their journey. The key take away of the summit was the good and bad experiences which each of them experienced and a motive to help each other to overcome such hurdles. It also came out loud and clear that India is the best destination for offshoring and has no match so far. Representatives from Philippines, which have now become the largest voice based BPO destination did express the same issues with the manpower what India is facing. However it was clear that India has matured in the value chain far above than what was understood so far.
The session finally ended with a resolution by the captive companies to adopt the name of GIC (Global in-house Centres) in place of “captive” which conveyed a negative meaning.
NASSCOM once again did a great job.