Seems to be clear case of under investment. I believe their compensation lags pay available at Indian IT, MNC back offices, Foreign banks with offices in Mumbai, Start ups, Global Tech workforce in India.
Given Aditya Puri’s attitude towards technology, it is not surprising that they have not invested enough for years. Given widespread availability of Internet since 2015-16, it is coming to bite them and they continue to lag due to inadequate investments.
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