On the wall of HP office in Chennai- there is a big poster which says " Do not look at the closed door for long, for you may fail to see the new open door" something like that, not able to recall the actual sentence, any way the crux is the same.
This is exactly what is happening to India Infotech. The industry which saw a steady 30% overall growth in the last 3 years would have to settle now for anything around 20% in the next one year, probably because 40-60% of the industry is working on the Banking and Financial Services Industry (BFSI) operations work. With the global markets struggling to maintain an equilibrium, a fight for the survival continues. With huge financial companies heading towards major bottlenecks and bankruptcy filling, a new avenue of work would begin in Asian countries that can pitch in to help the west in completing the required work. Legal and Regulatory. Legal services are the most expensive work in US and UK, and India would be looked up to to handle the huge tasks associated to manage the legal proceedings, for the economies of scale are large when India Inc. participates in this activity.
Corporate governance and strong regulations to follow SOX law post experiences of the past, there is lot of work to do. Companies have to learn to handle credit, cash and customers at large. The financial vertical will see a big change with the legal vertical gaining predominance in the coming year and companies have to look on the new opportunities that are going to arise out of this crisis. Hard work always pays guys! Definitely people are working hard, having greater focus, unearthly time zones, cultural and geographic challenges, Indians have reached out to every corner of this globe. Today the major task of handling the historical 700m$ bailout activity of the US financial markets is assigned to an Indian born American. What else folks. Its time for us to look for the new door opening up or opened already- Kulja Sim Sim!!