The key challenge for the India IT firms are not addressed in the article though, even as it tries to project a rosy picture for the firms. The rising rupee, not-too-good middle management, escalating (y-o-y salary) costs, not able to break into new markets (read china, japan, et al) to diversify risk significantly, not moving up the value chain in terms of offerings and services (all the consulting groups within these organizations have not broken anything worth changing the face of the firm yet even as they exist for 3-4 years now), high real estate costs, competition from new markets that offer similar services at a lower cost (India no longer may rank low on this scale), lack of focus on building a local IT market to manage the risk of a US slowdown (in fact, the US based IT firms are grabbing all the multi-year, multi-million-dollar outsourcing engagements in India rather than the Indian IT firms), unskilled entry level labor pool increasing the training costs, high attrition rates - are some of the factors that will redefine the way the IT firms from India need to address in their vision and strategy over the next year or two to be still considered in the game. A huge wave of consolidation is bound to happen across the world in the IT space with a number of firms giving in to be taken over (voluntary or hostile) to survive the heat of a possible US recession. With a limited pool of really talented people, the same people are being hunted by all the firms to hire. The grit and skill of the Indian IT managers / leaders will be tested when the rubber hits the road - read "US recession" - sometime next year. This will be true test and the best of the breed will emerge thus leading to a more mature organizations than they are right now. Of course, these are challenges not necessarily specific to just the India IT firms - all of the risks/challenges apply equally well to other IT firms around the world as well operating in this space. The best of breed wins !!