Currently, there are 3,200 small and medium sized IT firms employing 500,000 people and contributing $1billion revenue to the Indian government but the tragedy is policy makers over look their thoughts and wishes while making the policies. BBC reports:
Blueshift's turnover is about $2m (£1m) per year, yet the company is facing a tight squeeze.
Rental costs in the city are rising, the value of the US dollar has weakened and uncertainty about the government's tax policies abound.
That is why Blueshift is one of the companies looking to move to neighbouring countries like
"The corporate tax regime in this country is a tough 33% whereas when I look at neighbouring country Singapore it is only 18% at the highest level," says Blueshift's chairman Sankaran P Raghunathan.
"In fact, most of us have to pay only 7.5%. That's a huge difference."
Mr. Raghunathan is also concerned at the way costs are rising in Chennai.
The interesting thing is that the employees of these companies are not frustrated over this matter. Rather, they are also interested to go abroad. Many of them believe that this would give them the opportunity to work at international levels and deal face to face with their clients. In addition, there is the charm of leading a different lifestyle and making more money.
The government officials of
In February, famous research firm, Forrester Research published a report on
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