According to the paper titled India in the New Knowledge Economy, KPO would grow at 46% to reach $17 billion by 2010. India could emerge as a global KPO hub as the business requires specialised knowledge and the countrys large number of engineering and technical institutes are geared to address the manpower demand, the paper said.
As per the paper, the healthcare sector could account for 7-8% of GDP by 2012 and provide direct and indirect employment to around 9 million people. At present, the country spends $22.7 billion on healthcare and the sector is the largest service industry in terms of revenue and the second largest after education in terms of employment.
The study observed that more than 70% of the American population prefer a natural approach to health, and spend around $25 billion on non-traditional medical therapies and products, thus making India one of their most preferred destinations because of ayurveda, yoga and siddha.
| Knowledge process outsourcing will grow at 46% |
Healthcare sector can account for 7-8% GDP by 2012
Biotech sector annual earnings may touch $5billion by 2010
Ayurveda, Yoga etc make India the most preferred destination for the Americans
The countrys biotech sector too is now on an upswing and is expected to earn $5 billion annual revenue by 2010. The country has a wide network of research laboratories, well-developed base industries, rich bio-diversity, extensive clinical trial opportunities, etc, which will promote it as a major base for KPO, the CII paper said.