Wednesday, October 29, 2008

In India, Global Crisis Is Not All Bad News

By Rama Lakshmi
GURGAON, India -- In the mortgage crisis that has enveloped much of the Western world in recent weeks, Manoj Malhotra's outsourcing company sees an enhanced business opportunity.
As lenders in the United States and Europe move to firm up loans, sharpening quality control and fraud verification, the Gurgaon-based company that Malhotra heads has designed a Web program to help them do just that.
"The loan processing industry needs less of manual intervention and subjectivity and more of technology-based solutions, especially in the current climate," said Malhotra, who launched the program at a mortgage industry conference in San Francisco last week.
His company, Salient Business Solutions, is not the only one in this country to see opportunities and lessons in the global financial meltdown.
Indians working in information technology and outsourcing have long shared a joke: "When America sneezes, our industry will catch a cold here in India."
But as the credit crisis drags down the U.S. economy, India's booming technology and outsourcing industry is taking steps to boost its resistance to infection. Taking the crisis as a warning, it is hastening efforts to reduce dependence on U.S. and European companies, scale up high-end products and services, find new ways of billing and move beyond merely leveraging the low-cost, English-speaker advantage. (washingtonpost)
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