Future of Indian IT: New? Absolutely. Normal? Not Quite.
Making an early prediction for 2013 last July, economist Nourel Roubini dismissed the possibility of a robust U.S. recovery. He also issued a grim reminder of America's fiscal cliff, Europe's meltdown and the cooling of emerging market growth. While most of us aren't as pessimistic as Dr. Doom, we cannot deny that the world has reset downward. Today, we live in times of challenging market conditions, economic volatility and political uncertainty. Investors are putting decisions on hold, choosing to sit on cash instead. Enterprises have no choice but to accept it, move on, and find ways to deal with it. This is a particularly critical phase for India's outward looking IT industry, which must find a new paradigm, which works in this new normal.
Clearly, traditional IT services alone aren't it. With countries like China or the Philippines proving capable of delivering basic IT and BPO at lower cost, it is time for us to raise our game. For some time now, India has more than flirted with technology innovation. We need to break free of our current reticence if we are to retain our leadership in this space and attract fresh investment, something that we can only do by delivering tangible business value and a proposition that is both compelling and unique. This is our cue to forge ahead in the direction of research and development, thought leadership, and Intellectual Property that is "made in India for the rest of the world".
Although the world recognizes India's capability to innovate, it is not yet entirely convinced of its ability to commercialize those ideas into world-class products and services. This is the call for Indian IT to build successful products and inspire the world with our ideas. It's time we made that our new normal.