The Indian IT sector must reskill its workforce and move up the value chain if it wants to retain its dominant position in the world as well as its double digit growth rates
On July 15, 2016 a sombre looking Vishal Sikka, the CEO and MD of Infosys Ltd, India’s second largest exporter of IT services announced the company’s first quarterly results. While revenue and profit were below market expectations, what surprised many was the downward revision of annual revenue growth forecast. Markets were swift to mete out punishment. The shares of the company crashed by about 10 per cent in a single trading session, wiping out nearly $3.5 billion in market capitalisation.
Infosys was not alone in reporting a disappointing set of numbers. The largest exporter of Indian IT services Tata Consultancy Services, also reported weak numbers. Wipro, the fourth largest India-headquartered exporter of IT services, has been in a turnaround mode for the last five years and continued its weak streak.Tagged: Information Technology, Digital India, NASSCOM, Infosys