Indian tech firms need to move beyond old IT

San Francisco

"CARNAGE in Indian IT," read the headlines in India about job losses in its outsourcing industry as markets stagnate and US visa restrictions erode profits.

The Indian information technology (IT) industry generates US$150 billion in revenue but is facing an existential crisis largely of its own making because it became complacent and overconfident even as technologies and markets changed. It can survive only if it exits the business that brought it success and reinvents itself.