Financial Imperialism

Dadaji: Children, today let me tell you about European Imperialism of medieval age. After the renaissance and the industrial revolution, European companies started to run out of markets to sell their products, thus impeding their growth. The greed of these companies and land hungry rulers of European countries undertook several missions across the seas to find new lands. The bigger, stronger and faster ships, now possible, could make this search easier.

IT Symposium in Bangalore, the key note speaker: Ladies and Gentlemen, let me recount the history of IT revolution in India. After the advent of information age and Internet revolution, developed countries realized a new cheaper way to get their work done. With faster and cheaper Internet and telephone, they identified a lot of countries which would be willing to do their work at a quarter of the cost. India was their favorite destination with a large pool of under-employed engineers and good knowledge of English.

Dadaji: They landed in India as traders. Some kings were very receptive of these traders and forged alliances with them for higher profits. The native crops which would sell for a trifle in their country would fetch huge purses in Europe. Europeans too liked the idea since they found a source of cheap crops which sold for the same high price in Europe.

Speaker: Entrepreneurs spotting the opportunities grabbed projects from their foreign patrons. The same work which would fetch pennies in India would sell for a fortune in their country owing to the high exchange rates of dollars. Foreigners also liked the idea of cheap labor costs for the same high cost of their services in their country.

Dadaji: Everyone was happy. Kings held banquets in honor of the European traders and heaped praise on how they transformed the economy of the region. How the farmers were getting higher prices and how prosperity was flocking to their kingdoms. The European traders noticed how respectfully the Indians treated them and had started emulating their ways. They thought, about promoting their culture in these lands and as a result sell their goods in these new markets.

Speaker: The new IT revolution brought prosperity to the beneficiaries. They created hundreds of white collar jobs with salaries and increments unheard. Observing the fascination of the populace with foreign goods, soon other foreign brands started making a beeline for these new prosperous lands as new markets for their goods, creating newer jobs. The developing middle class and their rising disposable incomes made the perfect targets for luxury line of products. The cascading effect made everything in the budding centers look like those of the patrons - the skyline, the roads, the road signs, cars, restaurants, hotels, etc.

Dadaji: The prominent traders and kings started wooing these foreign traders for more business. Suddenly they were in demand. The competition for the slice of the pie and habit of serving the kings turned respect of locals into servitude. Europeans traded in humans where they could not find anything else to trade. Some colonies sent natives to work in European countries as slaves.

Speaker: This led to emergence of local leaders in IT. They would compete with each other and try everything to please their patrons. This also gave the countrymen a chance of most coveted foreign travel and client interaction. It was their duty to keep the client happy and with increasing turnover of IT industry it seems they have done well. The present mantra has become 'Client devo bhava'. These bhaktas of god, would have offered good services. The clients are so impressed with the Indian software engineers that they invite them to work for them in their teams.

Dadaji: Soon the traders turned into conquerors to further cut the middlemen, and to boost the profits. Indians who were used to the changing thrones, accepted them as their leaders but they could never accept Indians as one of them. They kept fleecing them until they realized there was no blood left.

Speaker: In spite of the great IT revolution, and rise of local genius, the quality of work exported by foreign companies has remained stagnant. Its a constant complain of Indian IT industry professionals that the plum architectural work has evaded the offshore while the mundane maintenance work has increased. Another challenge to Indian IT industry is the rise of other cost centers around the world which offer a competitive cost advantage. It is feared in a few years, the foreign patrons would look for greener pastures.

Dadaji: The European atrocities kept rising . Economic, social and personal injuries kept increasing. There was gloom over India's sovereignty.

Speaker: This is the eagle's eye view of Indian IT industry for you ladies and gentlemen. I would like to take questions, if any.

Dadaji's children: Dadaji, then how come we gained independence from British?

Dadaji: India then produced a string of great and brave leaders and their extraordinarily great followers. They led India to freedom my child.

Question: Mr. Speaker, What you have said implies a kind of subjugation Indian talent has been subjected to. We have been robbed of our creative acumen and are being forced to follow orders. Until 1947, we were kept under their rule by force and after 1997, we are captive by money. We have surrendered our freedom for a bucket of cash. Aren't we living under a civilized imperialism? What would you say about that?

Speaker: You are being a poet my friend as everyone knows the two periods cannot be compared but yes I will have to agree with you about the similarities. And I would like to continue your grim story to the glorious end the political imperialism met. The great leaders are rising. They have the original thought, who hate their creativity being submit to someone else. We stand at genesis of a new generation. To finish with your analogy my friend, we are at the brink of another revolution.