Define the term 'outsourcing'. Explain the benefits of outsourcing for developing countries.
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Solution and Explanation
Tertiary and quaternary activities, specifically focusing on global business practices and international trade.
Step 2: Meaning
Outsourcing refers to the business practice of contracting out certain internal processes, operations, or tasks to a third-party agency (often located overseas) to improve efficiency and reduce operational costs.
Step 3: Analysis
• Employment Generation: It creates massive job opportunities in developing nations (such as India and the Philippines), particularly for young, educated, and English-speaking populations in the IT and BPO sectors.
• Economic Growth: Outsourcing brings in significant foreign exchange, boosting the host country's GDP and overall economic stability.
• Skill and Technology Transfer: It facilitates the introduction of advanced technologies, global corporate standards, and skill development among the local workforce.
• Infrastructure Development: To support outsourcing hubs, developing nations often heavily invest in building world-class infrastructure, including IT parks, high-speed telecom networks, and urban amenities.
Step 4: Conclusion
Outsourcing acts as a powerful catalyst for developing countries, driving job creation, economic growth, and technological modernization.
Top CBSE CLASS XII Geography Questions
Read the passage carefully and answer the questions that follow:
Hunting and Food Gathering
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Top CBSE CLASS XII Tertiary and Quaternary Activities Questions
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