From the editor

Information technology, or simply it. On college campuses, these two words have been a source of ambition and aspiration. On stock markets, they have symbolised wealth creation. In Indian industry, they have represented the very best in new entrepreneurship.

And for people in general, the two words have been a source of pride and envy. Perhaps, the best validation of IT's pre-eminence came in 2005 when Chinese Premier Wen Jiabao decided to start his official visit to India not from its political capital but from its IT capital, Bangalore.

However, this star sector of Indian industry finally seems to be headed towards its moment of reckoning. The not-so-disappointing 2008-09 performance notwithstanding, CEOs of most IT majors told BT that the global economic meltdown has pushed the industry into its worst hour. This has innumerable implications, ranging from the stock market to the job market. Our cover story explores those implications.

Though the IT industry, given its nimbleness, will surely be able to transform itself and adjust to the new environment, this transition won't happen without a spell of pain and uncertainty. Uncertainty and anxiety are also prompting some of India Inc.'s highest-placed executives to do the unthinkable in the current conditions-quit their jobs and start a business. They are betting on their demonstrated ability to successfully execute projects as well as the availability of cheap but trained manpower and real estate to counter the impact of the slowdown. Emulating these veterans are a set of middle-rung executives who feel constrained in their current positions. Then, there are B-school graduates who would rather not face the ignominy of poor and protracted placements. Read these stories of starting up in a slowdown in our Special section. That business opportunities lurk in the most unlikely of situations is proven by a group of four youngsters in Bangalore. They have made a fortune by teaching companies how the simple act of beating drums in a group can bring harmony to the most diverse and disconnected employees of an organisation.

For a publication like ours, it's only opportune to test the "sale-ability" of economic reforms in the general elections. One quick way to do this is to follow the campaign trail of the man who has had the longest tenure as finance minister in the coalition era. Know if and how P. Chidambaram convinces people that good economics is also good politics.