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Business

Indo American News • Friday, January 14, 2011

www.indoamerican-news.com

Friday, January 14, 2011

25

IndoAmerican News

STOCKS • FINANCE • SOUTH ASIAN MARKETS • TECHNOLOGY

PM Announces Merging of OCI, PIO Cards to Boost Business NEW DELHI (MALAYALA MANORAMA): Prime Minister Manmohan Singh announced merging of the Overseas Citizen of India (OCI) and the Persons of Indian Origin (PIO) cards into a single facility to simplify visa-free entry and participation of Indian diaspora in business and other activities. Singh also said that the government had decided to extend the facility of the Indian Community Welfare Fund to all the Indian Missions. Hailing the Indian diaspora, he pointed out that the Government had introduced the OCI and PIO cards to facilitate visa-free travel of NRIs and Indian Origin people to India as well as to provide them rights of residency and participation in business and educational activities. “We have reviewed the functioning of these schemes, and decided to merge the OCI and PIO cards into a single facility. We hope to iron out some of the problems that have arisen in the implementation of these schemes,” he said addressing the 9th

emigrate for work, Singh said their migration, India has signed Social Pravasi Bharatiya Divas here. In a bid to encourage PIOs (Indi- welfare is “a matter of special concern Security Agreements with 12 counans who have shifted migrated per- for us”. To improve the conditions for tries and finalized Labor Mobility Partnerships with manently to other two others, he countries over said, adding a gecenturies) to visit neric arrangement and invest in India, is also being nesuch people were gotiated with the given PIO cards. European Union A PIO card holder also. does not require a Singh said the visa to visit India government has and the card is valid decided to estabfor 15 years. A PIO lish new Indian card holder enjoys cultural centres in several economic the US, Canada, and educational Saudi Arabia, benefits. France and AusOn the other tralia. hand, the OCI card “I urge the Inis a kind of lifelong dian communities visa and any India in these countries origin person can to support and paapply for it if his tronize these cenhost country allows tres so that they dual citizenship. become effective The OCI, PIO merger will cause less confusion and increase Talking about business and educational opportunities Dr Singh believes. Merging instruments for the Indians who them will help India advance projecting the di-

versity and splendor of Indian culture,” the Prime Minister said. Singh asked the diaspora to share their expertise and experience in improving educational infrastructure in India. “We hope to use the wisdom, experience and resources of the global Indian community to develop a world class education system, particularly in higher education,” he said. The Prime Minister noted that a law has been enacted to provide voting rights to NRIs and appropriate procedures are being framed to give effect to this new legal provision. “I have no doubt that your participation in the (electoral process) will be welcomed by the constituencies in which you do participate. You will bring a breath of global fresh air to our politics,” he said. Holding that India’s soft power is an important element and needs to do this in expanding the country’s global footprint. He also laid the foundation stone of Pravasi Bharatiya Kendra here which will serve as a centre for research and development relating to NRIs.

Offshoring: Indian Companies to Focus More on European Market NEW DELHI (Business Standard): Indian companies are expected to focus on mainland Europe to tap growth opportunities in the offshore technology services market worth tens of billions of dollars, global research group Gartner has said. “There will be tremendous focus

at $40 billion. Iyengar noted that Indian firms would be focusing on European markets such as Germany and France where it would be difficult to expand business without good domestic presence.Even though a major chunk of revenues come from the US market, Indian IT

on offshore technology services in the next two years... Indian players will be mainly looking at mainland Europe for their next growth opportunities,” Gartner’s Vice President and Regional Research Director (India) Partha Iyengar told PTI. Revenue garnered by domestic players from offshore technology services market is estimated to be

entities also have good presence in various European markets. Going by estimates, the size of the country’s technology services is worth over $60 billion, dominated by IT services exports. Meanwhile, Gartner has projected global IT spending will touch $3.6 trillion in 2011, an increase of over five per cent as compared to last year. When it comes to Business

Process Outsourcing (BPO), he said that companies would look at offering high-end services such as those to HR and procurement areas. “High-end services provide more revenues than lower-end offerings like call centre, which are cost driven,” he added. Post global downturn, Iyengar pointed out that Indian players seem to have a “sharper edge” when it comes to offshoring activities. “(Indian entities) have a good and credible services delivery record and coming out of the downturn, they seem to have a sharper edge (than many competitors),” he said. According to Iyengar, there would be strong levels of consolidation, especially in the BPO sector, in coming years. Big players are expected to strengthen their market position while relatively smaller entities need to focus on particular business verticals to survive in the highly competitive market, he added.

Gartner Vice President and Regional Research Director Partha Iyengar is optimistic that the Indian firms will strengthen their hold on European markets. He feels establishing a base in the region of operation will count for more success. Global IT spending alone is projected to touch $3.6 in 2011, up 5% from 2010

Business Minute Google, which reported a global revenues of USD 23.65 billion in 2009, has close to 2,000 people in India. “India is an important growth country for Google. With Internet users growing at 50 per cent yearon-year, a strong leadership team will ensure that Google captures this tremendous opportunity,” Google President (Japan and Asia-Pacific Operations) Daniel Alegre said in a statement. Shailesh Rao has been covering two roles -- as Japan and Asia-Pacific Managing Director (Media and Platform Sales) as well as MD and Head of Sales for Google India. “He has been instrumental in getting India off the ground to a successful business operation” Alegre said. Anandan associated with Microsoft India, responsible for Microsoft’s software, OEM and services business in India is planning to come on board as head of Google operations.

INDO AMERICAN NEWS • FRIDAY, January 14, 2011 • ONLINE EDITION: WWW.INDOAMERICAN-NEWS.COM


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