India is widely acknowledged as one of the hubs for IT services and business process outsourcing.

India's competition in the BPO business to an extent comes from the Philippines, which is also aggressively competing for contracts drawing upon its availability of low cost English-speaking graduates.

"The Philippines may be emerging as competition. But if you look at them there are less than five big companies of a reasonably large-scale doing BPO. The largest company there has 1,200 people. So in case of big contracts, India becomes the automatic choice for BPO contracts," says Raman Roy, CEO, Wipro Spectramind, a leading BPO firm in India.

Raman Roy, CEO, Wipro Spectramind, speaking at the ISB.