It will not hurt Indian IT - How many time??

In recent news, Nortel is filing for bankruptcy. Nortel is a telecom giant which originated from company 'Bell Telephone Company of Canada '. It is based out of Canada and employed more than 32,000 employee worldwide. Though troubles were going on in company, there were plans to revive company and pull it out of problem and reap profits again. A New innovation transformation was planned for company to set its foot in emerging technologies like web2.0. Unfortunately, things went still bad and today (14th Jan 2009) it has to file for bankruptcy. It was indeed a good plan but not perfect while its competitor CISCO has mastered process to move innovation in market in short time period. That's the key for business profit on which company survives.

As soon as this news was in market, our IT companies started words that it doesn't matter to them and they are not hurt due to this company. Like TCS, which is saying that it includes in less than 1% margin of their revenue, still it is there right? In last few months there have been at least 5-10 companies gone flat to ground and every time it doesn't matter to Indian IT industry. Fine, may be not as a single company, but what about combining all of these? And Citibank, Lehman, General Motors, Toyota, ICICI all these were well renowned leader of banking and Manufacturing industry. With a telecom giant going down, doesn't it give signal that recession is now spreading to telcom sector?

With banks already down, Manufacturing crawling on their knees and Telecom ready to fall, where does Indian IT companies think they are gonig to sell their services? Most of countries will put laws to hold the jobs within country so that employment can be improved. How are we going to fight a double battle? There is already less work and over it outsourcing will be restricted. IT need to come up with their innovation and reform the process to approach other countries for work. Now it is no more just cheap labour (though it still remains one of most attractive point) but also about expertise and quality, thinking of turning service into business profit.

Its time Indian IT industry, its time... do something or else we might not see it but we are also on verge of falling with others. Beware...