BusinessWeek carried a feature on how Indian software majors are hustling global leaders like IBM and EDS. Recently Infosys beat these two to win a $25 million contract from DaimlerChrysler. That was not on price alone; its quality level was higher too. The article says the Big Blue has a global reach and a wide buffet of knowledge-base, software and hardware on offer, that Indian companies cannot match—at least, not yet. But the picture may be tilting in India’s favour because finally, winning the mind-share of quality professionals is the key to a company’s success. While foreign companies in India, offer nearly 25% more as salaries, many bright young men opt for Indian companies, for these offer something they look for: upward mobilty.

Therefore, the competency levels of Indian companies are constantly rising. “Three years ago, just 125 of the top 500 U.S. companies placed work with Indian companies… Last year, that number hit 285, including Boeing, Cisco Systems, and Lehman Brothers.” The article says that US companies still have the edge because they foresee technological trends better, whereas Indian companies just serve the status quo. But that too may be changing: Infosys for example, is working with MIT to research wireless inventory control systems. Read the full story here.

Singapore’s Deputy Premier, Lee Hsien Loong on a recent visit to India confirmed that ‘animal spirits’ were indeed at large in India. He wryly noted how he recently received a telephone pitch for a personal insurance policy-- and discovered the call had originated in India. It is clear, jobs are migrating to India, and not necessarily from the West alone. If this were so, can job seekers be far behind? For a country that routinely wailed over ‘brain drain’, India is seeing many of its native sons returning home in search of stable jobs. There is another incredible development: applications from Western professionals for jobs in India are increasing. Indian companies actively consider these applications. You can read the full story here. A Bangalore firm of head-hunters says, “Every week, we get at least one well qualified foreigner looking for a job here.”

With all these going on, credit rating majors decided to clear their throats. In the last fortnight, Moody’s and Fitch have switched to their oracular mode and declared India was worthy of international investors’ attention. It’s in fact time to rate these agencies: do they predict a trend or acknowledge an established one? The answer every time would be the latter, for they are clueless of a phenomenon known as ‘animal spirits’.