New Delhi, Oct. 26 -- India's infotech services industry finds itself in a moment of reckoning. The latest quarterly earnings from leading players tell a consistent story: of muted revenue growth and stubbornly flat margins accompanied by large deal wins. Clients are demanding up to 30-40% fee discounts, arguing that efficiency gains from AI should directly flow into lower delivery costs.

Most service providers have doubled down on AI adoption but are finding that it is yet to translate into value differentiation that can command premium pricing. The paradox is stark. The sector is working harder and transforming faster. Yet, it is unable to accelerate growth.

Across boardrooms, the same questions are being asked: "Where is the value of...