Asserting that the Indian IT industry is looking at new growth models, HCL Technologies has said more companies from the country should look at creating local jobs in the foreign lands.

Participating at the World Economic Forum Annual Meeting, India's fourth largest IT firm HCL Tech has announced creation of 10,000 jobs within next five years in the US and Europe.

"The world is today a melting point dealing with different kinds of problems. And when we come to Forum like this, it is important for India and companies from the country such as HCL, to be seen as a solution, rather than being seen as a reason for the problem," HCL Technologies CEO Vineet Nayar told PTI here on the sidelines of the WEF summit.

Recalling German Chancellor Angela Merkel's comments that the companies are welcome to invest in Europe, but they will have to create jobs, he said initiative taken by HCL would change the perception that Indian companies are taking away jobs of people in the West.

"The first step we are making and I hope many other companies follow the trend. That would help making Indian companies appear much more mightier, and also as those willing to solve local problems and socially-responsible enterprises."

"It would be a major shift, as there are many global companies shipping jobs outside the US, but we Indian companies would be creating jobs in those markets. This will also change the idea of 'Buy American, be American' or now 'Buy European, be European'," Nayar said.

On trends within the Indian IT market, he said employee and other costs have become higher, tax holidays have gone and nations like Philippines are getting globally competitive.

"Therefore, Indian IT industry is also looking at new growth models and multiple options. But, that is also making the Indian companies more global and they are not just Indian," he added.

On whether a low-cost business model can be retained with local job creation in the West, Nayar said that partnership with the educational institutes, local governments, communities and customers would help in keeping the costs affordable.

"Also, the cost per person is not going up in the US, but it is going up in India," he added.

Nayar said the challenging economic conditions would be seen by some companies as a threat and they would push brakes. But there would be some that would see it as an opportunity and push accelerator while adapting to the requirements of the new economic scenario, he said.

"The challenging economic conditions have become a new normal, as they have moved from the US to Europe and might come to Asia as well. But rather than worrying about that, we should get prepared," Nayar noted.

Asked about the impact of euro crisis on Indian IT business, he said, whenever there is a crisis, it starts questioning the established regimes.

So, European companies are today questioning all their relationships with their existing IT vendors and are reaching a conclusion that they need new partnerships with companies like HCL to get a better cost-value advantage.

"So, suddenly a bad economic situation has opened up the market and you would see that benefiting the Indian IT companies," Nayar said.

When asked why not all Indian IT firms are benefiting, he said that you need to do business the European way when dealing with companies in Europe.

"Some companies have absorbed the European way of the business, but some others are trying for Europeans to absorb their way of business and therefore were not that successful," he added.