To operate in a global environment, Indian companies have to work towards creating multicultural organizations, sensitive to local cultural issues in all countries, says Nandan M Nilekani, CEO, President and Managing Director, Infosys Technologies Limited.

Indian software and services industry witnessed a robust growth in the past decade. Export revenues increased from $164 mn in 1991 to around $10 bn in 2002about 45% Compounded Annual Growth Rate (CAGR). Total employment increased from around 30,000 in 1991 to over half a million in 2003. Today, India exports software services to over 100 countries. During the decade, we witnessed the emergence of globally competitive IT services companies in India.

In the past couple of years, there had been a slowdown in the growth across all sectors of the industry. In fact, the world has just witnessed two consecutive years of decline in per capita GDP. At the same time we are witnessing increased globalization and integration of economies across the world. This implies that companies are no more competing locally, but in the global marketplace. Accordingly, globalization and the information revolution have raised customer expectations. Customers in every corner of the world have access to, and are aware of the best products and services produced anywhere. They expect customized solutions of the highest quality at ever-greater speed. What's more, thanks to the challenging economic conditions, they demand reliable services at reduced costs.

The dual pressures of a globalized economy and knowledgeable customers are forcing companies to revamp their business models. In this context, corporate strategies are increasingly focused on efficiency, discipline and optimized operations. Corporations across the world are striving to create new standards of speed and responsiveness across all sectors.