IT Companies in India would be having nightmares because of the appreciation of ruppee. The issue which arises is whether this would usher an era of Indian IT companies more aggresively acquiring businesses abroad and giving a run for their money to the companies abroad and on their soil. Is it good that the ruppee appreciated? Yes because now the Indian companies do not have to focus on the projects they get from abroad or the projects from foreign IT majors or No, because it would mean loss of revenue for Indian companies and thereby a decline in their position.

Most importantly is it a wake up call for the Indian companies, to wake up from their slumber as they were easily earning from off shore projects? Would it mean an Indian product like an Indian operating system, displacing windows from its place?

What do you think?

I don't think that appreciation of Rupee can be big concern, although rupee touched all time high recently.
I think this is good as it will force companies to re think and to be more aggressive on their policies to make good profits.