The year 2008 itself has been not too bad. In sheer numbers – the twenty four percent growth that the industry recorded in the first half is pretty good by any standards and the many collective initiatives taken by NASSCOM have begun to bear fruit. Creativity in all its facets has been nurtured and monetized in the form of product, process and business model innovation and the ongoing "spot the star" events held across the country have seen over forty outstanding companies demonstrating that innovation is alive and well in the industry. The breathing space provided by the demand slowdown and the consequent plunge in attrition figures has seen industry strengthening partnership with academia.

Two outstanding launches – the collaboration of Accenture with IGNOU and the launch of Global Talent Track's partnerships with Pune University and CISCO for employability skills to be provided using the latest technology and pedagogy across hundred colleges have given a strong signal to the community that the industry will be inclusive and take every aspirant along in its future journey to success.

The industry has also strengthened its position as a trusted sourcing partner for the world's major corporations with its focus on information and data security solutions through the newly established Data Security Council of India and its collaboration with the police force in Pune and Mumbai for the setting up of cyberlabs in these cities.

All the building blocks are in place for this fifty-two billion dollar industry to continue to grow and employ millions of people and change the face of the landscape not just in the seven leader cities including Pune but also in forty more locations around the country.

The long term story is very much intact but what about the short term as a weakening 2006 turns into a fearful 2009? A crisis is too good an opportunity to miss – while the demand environment remains sluggish, an opportunity to revisit our basic value proposition and launch a slew of new products and services is very much there.

"Impact sourcing" technology and process solutions that give a return on investment in three to four months are the need of the hour for large players and with caution being the watchword in all hiring decisions, collaboration with larger players in areas of niche competence could present a never before opportunities for emerging companies to build a client base and demonstrate their skills to partners and customers alike.

Lets be positive – IT remains India's Tomorrow!