DOMESTIC PROJECT

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DOMESTIC PROJECTS

Business process outsourcing (BPO) is a process of subcontracting various business-related operations to third-party merchants. Although BPO originally useful solely to manufacturing entities, such as soft drink manufacturers that outsourced large segments of their supply chains, BPO now applies to the outsourcing of services, as well. Business process outsourcing (BPO) services are delivered to IT, finance & accounting, back-office process, e-commerce and support, procurement, human resource & recruitment process among others, by third-party providers to various organizations. A BPO service provider usually administers and manages a particular business process for another company. BPOs either use new technology or apply an existing technology in a new way to improve a particular business process. It is the contracting of non-primary business activities and functions to a third-party provider. BPO services include payroll, human resources (HR), accounting and customer/call center relations. BPO is also called as information technology enabled services (ITES). Business Process Outsourcing (BPO) market report is segmented based on type, deployment, organization size, vertical and by regional & country level. Based upon type, Business Process Outsourcing (BPO) market is classified into IT outsourcing, finance and accounting outsourcing, back office outsourcing, E-commerce support services, training & development outsourcing, and others. Based upon deployment, Business Process Outsourcing (BPO) market is classified into cloud and on-premise. Based upon organization size, Business Process Outsourcing (BPO) market is classified into small and medium-sized enterprises and large enterprises. Based upon vertical, Business Process Outsourcing (BPO) market is classified into BFSI, IT and telecommunications, retail and consumer goods, manufacturing, healthcare, and life sciences, government and defense and others. Now with the advent of “Atmanirbhar Bharat”, India now has enormous potential to outsource projects and processes within its own geographical limits. Its like making a new mission statement “Together We Can, Together We Will”. Atmanirbhar Bharat Abhiyan, which translates to 'self-reliant India' or 'self-sufficient India', is the vision of the Prime Minister of India Narendra Modi of making India "a bigger and more important part of the global economy", pursuing policies that are efficient, competitive and resilient, and being self-sustaining and self-generating. Atmanirbhar Bharat does not mean "self-containment", "isolating away from the world" or being "protectionist". The first mention of this came in the form of the 'Atmanirbhar Bharat Abhiyan' or 'Self-Reliant India Mission' during the announcement of India's COVID–19 pandemic related economic package on 12 May 2020. The five pillars of ‘Atmanirbhar Bharat’ are stated as economy, infrastructure, technology-driven systems, vibrant demography and demand. As a part of Atmanirbhar Bharat, the government of India promised reforms in land, labour and regulations to shape India into a business friendly nation. To fulfil this promise, the Labour Ministry of India introduced slew reforms in the labour laws India. Existing 29 labour laws were condensed into 4 labour codes to decrease the compliance burden of the firms (especially the MSME). These codes made it easier for the companies to hire and fire employees with minimal government intervention. Moreover, many labour laws which date back to pre-independence period are reformed and business un-friendly rules were abolished. Privatisation of Public Sector Enterprise (PSEs): A new PSE policy has been announced with plans to privatise PSEs, except the ones functioning in certain strategic sectors which will be notified by the government. In strategic sectors, at least one PSE will remain, but private sector will also be allowed. To minimise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to four; others will be privatised/ merged/ brought under holding companies.