My theory is that a lot of software engineering (I'm assuming this is what you're referring to by "IT"?) really comes down to basic CRUD operations between a front-end UI and a database. The real challenge is to architect software systems so that they are maintainable and flexible enough to develop features later on so you don't end up with spaghetti code mess. The issue is, however, that the "architect" skills that come with experience (i.e. 10+ years in development) are much less visible to management.

So management will only see a developer with 3 years experience and one with 15 years doing pretty much exactly the same job - this has the effect of making the less experienced developer look much more talented i.e. "Wow hes only been doing this for 3 years but is pushing out features at the same rate as a far more experienced dev!".

The best way around this is to specialise - for example in IT security, cloud computing, computer graphics, computer vision, machine learning, data science etc. Otherwise if you have been a developer for say 20 years but you are still making the same basic CRUD apps that 22 years old are coding - it looks like you have no drive or motivation - which is fine if you just want a 9-5 job but be aware that you may not be very impressive when it comes to find a new job.

EDIT: Sorry this is not about the Indian IT industry in specific since I don't have any experience working there but I think the pattern is pretty common in all countries.