“…This spectacular growth is also evident in a post-GFC period wherein firms in this industry made significant changes to their business models (Malik and Rowley, 2015) by investing in a range of technical and managerial capabilities in both pre-GFC (Ethiraj et al, 2005;) and a post-GFC period (Malik, 2017). What is relevant in the evolution and growth story is the changing profile of its revenues that earlier relied on strategies predominated and which relied on customised IT services and BPO services, to more recent strategies that now portray a major shift towards product development, research, design and development and innovation (Pereira, Munjal and Ishizaka, 2019;Ishizaka et al, 2019;Malik, Pereira and Budhwar, 2019). This significant shift can be attributed to various aspects, such as the evolving technical, managerial and organisational capabilities of IT/BPO firms (Athreye, 2005;Ethiraj et al, 2005;Pereira and Malik, 2015) especially the investment in client-specific skills development and capabilities (Ethiraj et al, 2005;Malik and Nilakant, 2011;Malik, Pereira and Budhwar, 2017).…”