India

In an article from Bank Technology News:

Growing at a rate of eight percent annually-with output surging to 12.4 percent in July alone, India remains the No. 1 outsourcing destination for banks on the planet. According to the Economist Intelligence Unit.

That figure may prove to be too low. The value of the outsourcing industry swelled 40 percent this year over 2005, to $5.8 billion, and is expected to hit $64 billion and employ three million people by 2012, according to a recent NASSCOM/KPMG study. In 2005, financial services represented 39 percent of the outsourcing pie in India, the largest slice. TowerGroup reports that top 15 global financial institutions will increase IT spending on vendor-direct offshore outsourcing by 34 percent annually, to $3.89 billion in 2008.

Source: Bank Tech News - For the article click here: Inside the Outsourcing World of India

Indian outsourcing can significantly cut development, IT and maintenance costs. Depending on various resources, it is estimated that about one half to two thirds of Fortune 500 companies are already outsourcing to India. According to Forrester Research outsourcing by US companies to India alone is expected to more than double this year.

Outsouring to India Links

Bank Technology News - Inside the Outsourcing World of India
CIO - Inside Outsourcing In India
Business Week - The Rise of India