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While the Indian IT/ITeS sector has registered tremendous growth over the last two decades, the viability of the growth models adopted by the IT organisations is now in question. This article, in its first part, assesses the value pyramid of the Indian IT services and in examining the avenues of growth up the value chain, suggests that the industry’s involvement in inclusive growth and holistic development of society is imperative in the journey forward. A discussion with industry practitioners in the second part of the article throws light on the strategies and initiatives being taken in the industry to meet the challenges and opportunities going forward.