The Indian IT Services exports have been consistently outperforming the global technology growth and have recovered well after the global financial meltdown in 2008-09. Thriving on India's vast pool of low-cost technology graduates, Indian IT players penetrated developed markets, fiercely competing global 'Technology Goliaths'. In the late 1990s and early next decade, Indian IT players started to distinguish themselves from 'sources of cheap labour' to 'strategic partners', providing end-to-end services to their clients, adding capabilities such as Business Process Management and IT Consulting to their offerings kitty. Globally, BFSI and manufacturing remain the two largest verticals accounting for nearly 40% of total IT spending, whereas they account for more for Indian IT services. Newer verticals like government, healthcare, retail and utilities are catching up fast. Of late, the industry is facing the heat of global slowdown, shrinking technology budgets, rising uproar over outsourcing in the developed markets, operational level challenges like wage inflation, attrition etc. Indian IT industry has always been resilient and agile to transform itself to overcome the challenges.
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