India, Feb. 25 -- Amid widespread concerns on jobs and the relevance of the nearly $300 billion India IT services sector, a key industry leader on Tuesday said the current transition will be "painful" because it involves humans.HCL Technologies Managing Director and Chief Executive C Vijayakumar, however, said this is not the time to write an obituary for the industry, underlining that the ability to manage complex enterprise technology architectures and domain understanding will ensure its relevance.

Recounting how the industry navigated changes like the opportunities after the Y2K in the past, Vijayakumar said the industry will have to reinvent, and added that investor concerns on IT stocks are "overblown"."I would say this transition ...