For years, IT services companies followed a simple math: win a deal in the US or Europe, ship work to India, add more people, bill more hours. Their scale, skill and manpower turned the country into the world’s largest back office. The industry they shaped ballooned to around $300 billion, employing six million and transforming Bengaluru, Hyderabad and Gurugram into global IT services hubs. That story may be facing its biggest risk yet.
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