Why companies like CTS, Infosys, IBM, and Wipro doing layoffs despite the market soaring above 30000?

India’s IT industry has become stale and the proverbial cow has been milked for too long. They to make up their mind to by new cows rather than getting stuck with “who moved my cheese”.

1. Despite being the fastest growing major economy, Indian IT companies have mostly ignored their home turf for too long. They have been too addicted with the dollar show that they don’t find the rupee show as exciting. And to be fair, most non-IT companies in India are too slow to understand the strategic importance of IT. They believe IT is some cheap stuff you can build with two low level programmers.
2. They have been too slow to move away from the PC era. The Indian IT majors mostly missed the mobile revolution and don’t have much of a hold over the mobile software ecosystem. They have also not diversified enough into fast growing technologies — analytics, machine learning etc.
3. They have been too slow to productize. They have been way too comfortable milking the solutions cow to think of the product buffalos. While China can boast of companies like Baidu, Indian IT industry has no major product to boast of.

Indian IT companies have to truly invent and have to truly incorporate new technologies beyond just talking jargons in dense presentations. I don’t they understand what it takes and don’t think they have the right leadership to lead them into the future.