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In the past, economists thought that only goods could be traded across borders, while most services could not be imported and therefore were not subject to the same pressures from international competition.
The global leader in the provision of these services, known as business process outsourcing (BPO), is India, which exports $25bn per year worth of these services, a figure that is expected to rise to $60bn by 2010.
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But the Indian IT services industry only began to develop when the government opened the country to the forces of globalisation, ending regulation at home and lowering barriers to foreign investment, in the early 1990s.
The government deliberately targeted the export-oriented IT services sector for growth, giving it special subsidies.
There are many reasons why India has become the centre of the global IT services industry.
- Highly Educated workforce
- English speaking
- Excellent international data communications links
- Good Internet Connections
- Low Wages (wages of its professional IT workers average one-quarter to one-tenth of the wages of equivalent posts in Europe or US.)
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In December, Cisco Systems, announced a $1.1bn investment in Bangalore, creating 6,000 jobs.
It will be run by its new chief globalisation officer, Wim Elfrink.
Companies like Cisco see being in India as vital to spotting the next generation of products and services that the company should be making.
"We believe that India is the hub for the world where the ICT sector is concerned," said Mr Elfrink.