Low employability of existing talent with only 10-15 per cent employable graduates in business services and 26 per cent of employable engineers in technology services continues to be a major bottleneck, Mittal said.

The infrastructure development is largely constrained to about nine cities, which contribute more than 95 per cent of the country's exports and development of tier 2 and 3 cities has not taken off in a planned manner, he added.

The lack of a supportive fiscal environment with a long- term policy framework is also leading to competition from other low-cost countries including China, Philippines and from Eastern Europe with potential erosion of India's opportunity, he said.

"Another major issues is funding. Many start-ups require small funds to start and complete the first phase of their growth, fund like about Rs 20 lakh. Getting such small amounts is difficult," Mittal said.

The participating companies shared their insights on working in the domain, focusing on new technologies, client needs and processes.

Emerging IT players are not only setting new benchmarks in operational excellence, they are drawing vital VC and angel funding, building diverse product portfolios and foraying both the domestic and overseas markets, including non-traditional regions, Mittal said.

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