The software consultancy industry is already one of modern India's success stories, taking advantage of a base of low costs and high skills to serve as the world's back office. Now it is moving into a higher gear. On Thursday, Tata Consultancy Services and Infosys, two of the biggest, won a slice of a giant deal: ABN Amro's $2.2bn IT outsourcing contract.

After previous failures both to win mega-contracts and to partner with global players, this looks like a turning point for the sector. The presence of an international name or two in this case, both IBM and Accenture may help alleviate concerns about data security, sparked by alleged leaks of information at Indian call centres. But the client still gains from moving people and processes to a cheaper market the Dutch bank expects to save €258m a year.