1   Where Are the Indian Googles, iPods, and Viagras?

OVER TWO DECADES, India has established itself as the global hub for software development and back-office services. The story of how Indian software engineers capitalized on the millennium-bug scare to create an information technology (IT) services juggernaut has inspired countless other Indian firms to attempt to repeat the same feat for customer contact, analytics, legal, and medical transcription services. In many of these segments, India has achieved a dominant share of the offshore market, with estimates that India accounts for 65 percent of the global offshore IT industry and 45 percent of the global business process outsourcing industry.1

Moving work offshore to India has had some inescapable ...

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