Monday, January 4, 2010

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Information technology: The wonder decade

What started as an industry riding the demand from global customers seeking to make their IT and business systems Y2K compliant is today almost a $60-billion industry, contributing nearly 4% to India’s GDP.

Source: EconomicTimes
-1999 - The biggest inflection point was the role Indian companies played in combating the so-called millennium bug. TCS, Wipro and others become trusted partners for companies worldwide seeking to achieve Y2K compliance

-Infosys achieves $100 million in revenues, lists on Nasdaq. India’s outsourcing industry grows to $4 billion 2000-2001 - Indian IT industry moves from Y2K to complex e-business projects

-Dewang Mehta, who helped Indian IT industry grow in its early years, dies. Kiran Karnik takes over as Nasscom head

-US increases H1B visa limit to 1,95,000, the highest ever

-Wipro lists on NYSE

-2002-2003 - NR Narayana Murthy steps down from Infosys and Nandan Nilekani takes over

-Post the dotcom bust, companies such as DSQ Software, Pentafour and Silverline perish

-2004-2005 - TCS lists on BSE

-Large customers start offshoring ERP-based projects. Infosys becomes a $1-billion company, Wipro too crosses $1 billion in revenues

-GE sells 60% in GECIS — the back office pioneer — to private equity firms. The Indian BPO industry starts growing rapidly

-IBM, Accenture and HP start developing their Indian offshore presence to make them their largest operations outside the US

-2006-2007 - Indian IT becomes a $31-billion industry

-Protectionism in top export markets forces Indian IT companies to start hiring locals

-2008-2009 - Infosys’ revenues cross $4 billion. Nilekani joins the government as chairman of the Unique Identity Authority of India

-HCL acquires UK’s Axon for £441.1 million, the biggest ever acquisition for Indian IT

-Satyam founder Ramalinga Raju admits to over $1-billion fraud. Tech Mahindra acquires Satyam

-TCS’ annual revenues cross $6 billion. N Chandrasekaran takes over from S Ramadorai as chief executive

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