“India has become a favourable destination of outsourcing for most of the Multinational Companies (MNCs).” Justify the given statement with valid arguments.

India has emerged as a favourite outsourcing destination because of the growth of fast modes of communication, particularly the growth of Information Technology (IT). Furthermore, availability of skilled manpower at a relatively affordable cost has made India a leading outsourcing hub for Multinational Corporations (MNCs) to outsource their services to India.