So called Indian Big Tech - WITCHA doesn't innovate anymore

Abysmal spends in R&D; the only way you can leapfrog from low end service provider with a small margin to product company with chunky margins is by spending on R&D and investing in people.

They're still stuck in late 90s mindset, and focusing on building back office for the world. While it maybe a good formula for short term gains, but in long run you've to create something which truly gives you moat.