Innovation, technological advances and intellectual property will emerge as the drivers of the next wave of growth. This is the theme of the 2006 annual 'Bangalore IT.in', Bangalore's infotech exhibition, report CNBC-TV18 .

India is moving up the value chain from call centres to high-end design and engineering services. These new processes are expected to ice the revenue cake by $15-20 billion over the next five years. By 2010, IT exports are expected to contribute over $60 billion.

From NASA contracts to designs for the top names in the auto industry, India is where it's all happening. And with the big players still keen on setting up units in the country, the time seems just right for India to strike gold in a silicon chip.

Intellectual property is the stock phrase, and with its quality engineering talent, India is the choicest location. Global players like Intel and Dell have already set up design and R&D centres here. This is driving large Indian firms to foray into this space. But until then, it's the smaller companies that are reaping the benefits.

Ochintya Sharma, VP, engineering, SiRF India, says, "As more and more products get developed in India, the interest will grow. People will recognise that it is do-able, that we have the right technical and managerial talent to deliver these things. And it can only grow."

The $25-billion embedded systems market is growing at 25 per cent to 30 per cent annually. And India could well develop the licence to explore a gold mine of opportunity.