The best mid-size IT companies are re-investing in growth to ride out the rupee appreciation and the global slowdown. An extension of the STPI tax holiday would have helped these companies in their quest to reach a more robust size. In a larger context, we in the IT industry are very aware that social stability requires broad-based growth in the economy. Therefore, we welcome the social initiatives, especially the skill development programmes. But the multi-billion dollar question is whether the money thus spent will be utilised effectively without spawning overwhelming corruption or moral hazards.

Manas Fuloria, Executive Vice-President,