By Justin Rubner

A few years ago, we were debating the benefits and pitfalls of outsourcing to India.

Now, thanks to our large investments in that country, the hope is that some of those investments might be returned. Literally.

Faced with shrinking venture capital investments and rising domestic unemployment rates, law firm Morris Manning & Martin, backed by the Metro Atlanta Chamber of Commerce, is sending a small contingent to India. The mission? To pitch Atlanta as a great place to do business. And to pitch Atlanta’s tech industry as a great investment.

Despite rampant poverty – India has risen as an economic superpower, with its economy growing over 7% this year.

It wasn’t too long ago when they’d be seeking to profit off a cheaper labor force that has historically been more science-, math- and tech-savvy than us Liberal Arts-heavy Americans.

“In our current environment, companies need to be creative concerning how they pursue sources of financing,” says Morris, Manning & Martin partner John Yates, who also leads the chamber’s Technology Marketing Council. “The chamber has determined that India must be a key player. We’re hoping to influence some of these Indian companies to take a look at Georgia with the idea that this is not a bad time to come in and build infrastructure.”

Yes, you could say that India – despite its rampant poverty – has indeed risen as an economic superpower.

Yates’ trip to India – his first – comes at an unprecedented time for the country. In a recent article, Newsweek says India could surpass China as the fastest-growing major economy by year’s end. And if there’s any indication how fast India has developed over the past decade, you need only look at the recent social unrest concerning how the global economic slowdown is affecting the country’s growth this year. India’s economy is expected to expand only 7.1 percent in 2009. Only.

Several Indian-based companies have taken notice of Atlanta.

Meanwhile, there is some talk that the U.S. economy could shrink 1 percent.

The theme of the contingency’s pitch is that a recession is a great time to launch in the states and invest in domestic startups. Why?

• Competitors aren’t spending as much.
• There are fewer investors.
• As a result, more startups are seeking money.
• Meanwhile, those startups might have more favorable evaluations.
• Office space is less expensive.
• There’s a ready-made workforce because there’s more people out of work.
• And yes, that workforce might be willing to work for a little less money.

These draws are in addition to the normal sell points associated with Atlanta, including a great climate and an airport that links directly to almost everywhere in the world.

Attorney John Yates, who leads the chamber’s Technology Marketing Council.

India has already taken notice of Atlanta. Wipro, the Bangalore-based IT outsourcing giant—which has taken thousands of jobs away from U.S. IT workers—in 2007 said it was going to launch a major software hub in Atlanta. (That project, however, is slow to come to fruition because of the weak global economy.) And many Indian-based tech companies have big operations here, including Idhasoft and Infosys Technologies.

Joining Yates, who left Feb. 10, is fellow partner Jason D’Cruz, who heads the law firm’s Indus group. They’re spending 12 days in Bangalore and Delhi. While there, they’ll deliver presentations to the Indo-American Chamber of Commerce and several other economic development groups. They also plan to speak to major Indian-based companies as well as the Indian operations of VC firms such as Battery Ventures.

Morris, Manning & Martin partner Jason D’Cruz, who heads the law firm’s Indus group.

“There are a lot of VCs there,” Yates says. “As a result of the strong VC market, they have an appetite for acquisitions and investments.”

While the trip is certainly not the first of its kind for Atlanta, it is still a pioneering effort. Of the 20 foreign companies with the biggest U.S. operations, none of them are based in India.

“India is a buried treasure,” Yates says. “It just has to be unearthed.”

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