The Indian IT/ITES industry is at an inflection point. Globally, India has garnered the reputation of being a premier offshore location. It has also earned some great customer references from across the world. In the last few years, there has been a paradigm shift in terms of size of deals, competitive landscape and client expectations. Now, the stakes are much higher and so are the risks – geopolitical, operational, reputational, and so on – that need to be managed with sophistication, and not temerity.