The ascendency of India as an economic world power

St. George is one of the top players in the banking sector in Australia. The bank management has decided to send 76 jobs in the computer section to India and this decision has created a huge amount of debate in Australia. Many people are against outsourcing in Australia and their number is not decreasing.

On the other hand, the top management of St George Bank feels that outsourcing is inevitable. Economic Times reported:

Amid raging controversy over outsourcing of jobs, Australia's leading bank, St George's Bank has said it is sticking to its decision to send 76 computer services jobs to India due to competition.

"We are competing in an environment of very strong major bank players. If we don't remain competitive, St George won't exist," bank's chief executive Gail Kelly told its shareholders at its recent annual general meeting in Sydney, a report in "Sydney Morning Herald" said on Friday.

Earlier the Australian Finance Sector Union (FSU) had urged St George's Bank shareholders to reject sending jobs to India. The bank had earlier this year moved over 70 jobs from Sydney to Adelaide to Bangalore.

 

We have seen this earlier in the US and the UK. It is now time for the people of Australia to embrace outsourcing. Cheap price rules in the age of globalization and India can offer cheaper workforce. So, it is natural that Australian companies would send jobs to India. However, 2006 has been rocked by several scandals in India about data theft. This is something that India has to improve.