Gloomy and Uncertain are the two words that define the current global outlook, as economic headwinds indicate a possible recession next year. Several coinciding crises: a worse-than-anticipated slowdown in China, Russia's invasion of Ukraine, climate crisis, the energy and food crises, are driving the slowdown threatening countries worldwide with an economic downturn.

With a sharp decline in growth, many major economies are gripped with worries of recession, however, India has been a conspicuous exception. The rapid expansion in India reflects the insulated nature of the country’s economy (it has avoided the worst of the global slump because it is driven more by local demand than exports) and importantly the suite of government policy interventions have kept inflation — which has historically been high in India — relatively in check.

A looming recession tends to wreak havoc on the growth plans of companies, often requiring leaders to take new precautions during such times to ensure that their companies can survive, and thrive, despite the recessionary conditions. Outsourcing as a business strategy has historically been a low-cost tactic for businesses, especially putting them in a better position to handle the demands of a slow-moving economy, along with providing access to a wider talent pool, focused expertise for multiple business areas and round-the-clock support. Powered by technology to meet the evolving business demands, the concept of outsourcing has undergone a complete overhaul, from being only a basic front-line support or back-office operations to a key enabler for business operations.

This edition of the Indian Tiffin focusses on how Outsourcing is transforming business operations globally,featuring views from industry experts on how outsourcing today has become a business and enabler, and trends organisations are adopting for competence and scale.

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