India's IT sector starting to roar again? Maybe not

So India's vaunted IT/ITES sector is on the roll again, media reports indicate. Q1 Earnings: TCS, Infy, HCL emerge as showstoppers - screamed an ET.com headline today. But is it all that rosy a picture? Is the IT sector about to regain the glory it lost once the downturn hit in 2008?

Rents in Bangalore, India's Silicon Valley, are still depressed. And it is rather easy to find vacant houses for rent in Indiranagar and HAL II stage, in the heart of the city -- unlike in 2008.

IT hiring is up, stats indicate -- but my talks with friends say those hirings are for freshers.

Salary hikes are not what they used to be; foreign assignments have dwindled.

Mid-level professionals are disenchanted; many feel under-utilized. Media going to town about India emerging as a global IT research powerhouse, professionals I spoke to felt they were still doing the repetitive tasks of a backroom operation than real, cutting-edge research.

My own gut-feel is the IT sector will never be what it used to be. It would sure be a job engine -- but that would be for entry level people; there will not be much that the sector can offer in terms of promotions or pay.