Highly evolved best practices and methodologies: Companies that offshore hugely benefit by getting access to the highly evolved best practices and methodologies provided by their service partners. Time to market is reduced and clients see the ability to ramp-up their teams/operations faster and at significantly lower costs. Companies who have long-term relationships with their engineering service providers find an extension of their company in them as deep understanding of the technical aspects is developed by the offshore entity.

It is also clear that India today has all the right ingredients to become a large and a significant player in the Global Market in this space.

There can be no better time for ESO than now. The Automotive, Aerospace and other engineering sectors are brimming with activity with all major players lining up with strategic and grand "India plans". While 60 years ago we fought for our freedom from overseas invasion, India is now ready to exercise its freedom and soar to great heights in the engineering services market. ESO in India is poised to become the next big "wave" after the "IT wave" and, this time, India can take pride in the fact that, unlike at the time of the colonial invasion, overseas players today are coming into our country with a healthy respect for our strengths.

The author is CEO, CSM Software Pvt Ltd