Pointing finger at IT is a favorite passtime. But it is fraught with danger.
I have been in the IT industry for last 23 years! When I came into it, Infosys had a turnover of Rs 30 lakhs per annum (yes!!!) and their corporate office was a 20' by 20' house in Jaynagar 4th T block (and - keep this a secret - some of their directors used to ride scooters to work, just like all of us :). They worked hard, took risks, made wise decisions and see where they have reached. But they have cashed out and not many at their level in this business sees the same future from here onwards.
Not only IT, but its been exports that have led to this (seemingly) HUGE buildup of wealth. But people are making a BIG MISTAKE when they assume that this same kind of prosperity will last for next 20 - 30 years. The IBMs and Oracles are taking over the business and from now on the pressure will be on - to squeeze more and more and pay less and less. If you complain, your job will be outsourced to Vietnam or somewhere.
Anyone who is foolish enough to take on unbearable DEBT at high interest rates for long periods on the belief that he/she will have ever-increasing pay packets and ever-decreasing expenses is heading for sure disaster.
Wait for 50% fall in RE prices (from their 2007 peak). Wait for builders to do closing-down, clearance sale. Meanwhile save as much as you can and increase down payment to maximum. ONLY then can you feel safe and not like a Debt-slave.
