Economy Survey 2013: India lost 10% share in global BPO mkt to China, Brazil
75.8 billion, while domestic revenues grew 14.1 per cent to Rs 1.04 lakh crore (USD 19.46 billion) in FY13.
For FY14, IT-ITeS exports are expected to grow 12-14 per cent to USD 84-87 billion, while domestic revenues are forecast to rise 13-15 per cent to up to Rs 1.2 lakh crore
(up to USD 22.31 billion).
With industrialisation and FDI inflows, the corporate legal sector in India has witnessed tremendous growth along with legal process outsourcing (LPO), the survey said.
The global financial crisis has not only increased recession-related litigations in developed countries but also encouraged legal outsourcing to cut down costs, it said.
"India is regarded as one of the best LPO destinations in view of the low cost of legal professionals (50 per cent to 80 per cent more cost competitive than that in the US and UK), geographical advantage, language proficiency and the legal system," it said.
Indian legal service providers offer support in the form of research document reviews, drafting of documents, making applications for patents, and various paralegal and administrative tasks, it added.
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