Review likely to have an effect on in India
20th May 2010: Britain’s new Conservative Party Chancellor (Finance Minister), George Osborne, is reviewing all spending approvals since January 1.
The move has also brought under the government scanner the 600-million-pound outsourcing deal bagged by Indian IT services giant Tata Consultancy Services.
The contract is for managing Britain’s new national pension scheme. The review’s effects are likely to be felt in India. The country, over the years has earned for herself, the distinction of back-office of the world.
Prime Minister David Cameron-led collation government is also expected to review some more outsourcing contracts, besides the one bagged by TCS.
The decade long contract was awarded by Personal Accounts Delivery Authority for its UK-wide pension scheme the `National Employment Savings Trust’.
The contract involves designing and implementation. The deadline for the designing part is October. Implementation is to start after that, subject to a go-ahead from the UK’s pension manager Pada.
The government is also contemplating the launch of a fiscal watchdog. The moves is expected to go a long way in ensuring the government is held to account on how it tackles Britain’s budget deficit, which is approximately 12 per cent of the GDP.