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Yes, that's what I meant when I said they are rare are companies like Capgemini and Cognizant because of low salary

Its not just low pay. A friend of mine employed a developer who was a senior at WiPro earning over 1 lakh per month. He was employed for my friend at a junior developer salary simply because he was sick and tired of writing random throw away code. This developer finally wanted to gain some real skills, work on a real product, and took a huge pay cut to come to start working at a product based company. So far he is doing pretty good.

Largely because the management gravy train is yielding fewer returns year after year for a while.

There are people, especially who can't play the poisonous political game for too far that their mileage is limited to a point. These people have to retrain themselves with some hard hands on skills, or will suffer at the next purge.

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