In the coming decade, the number of people employed in India for jobs outside the country is likely to at least double to over 11 million, and we estimate global spending on outsourcing could rise from $180 billion per year to around $500 billion by 2030. This will have significant effects on both commercial and residential real estate demand. If India is already the “office to the world”, it is increasingly becoming its factory as well, as manufacturing capex rises helped by government policies, and Morgan Stanley’s multipolar world thesis, which is prompting localisation of supply chains.