London: Asserting that there is nothing to fear from the process of outsourcing, Peter Luff, chairman, Conservative Parliamentary Friends of India, has said that outsourcing is in the interests of the survival and success of British companies.

"First, it is in the interests of the survival and success of British companies. Secondly, it is in the economic self-interest of the United Kingdom," Luff said while participating in a debate on the outsourcing of financial services jobs in the House of Commons.

"Thirdly, it is about morality - helping India out of the poverty that has afflicted it for far too long," he said.

Stating that it was not a problem as claimed by John Barret, Liberal Democrat MP who initiated the debate, Luff conceded that it posed a challenge to the British economy but it was not a problem.

"There is no point in crying over spilt milk or trying to pretend that we can put that genie back in the bottle. It has happened. However, if we do not respond appropriately, our constituents will pay a heavy price."

Noting that highly-skilled jobs were now going to India, Luff said Indian bankers were returning from New York, where they earned 500,000 Pounds a year, to work in Mumbai.

"They are on lower salaries but have a much higher standard of living because of the country's low labour costs. India is changing fast, and those dramatic developments surprise those who are not familiar with the country."

PTI