Wipro chairman Azim Premji Friday cautioned the IT industry against taking the 'India advantage' for granted as countries like the Philippines were fast catching up in the business process outsourcing (BPO) sector.

'I get extremely worried about the India advantage, as we have talked a lot about it. The most important thing one has to appreciate about the world is that one cannot take success for granted,' Premji told about 500 participants at the fifth India Innovation Summit 2009, organised by the Confederation of Indian Industry (CII) here.

Noting that competition had become universal in a globalised world, Premji said though Indian firms had made pioneering efforts in the BPO sector, they just cannot take success for granted as BPO exports from Philippines were pretty close to that of India as against 10 percent in comparison five years ago.

'We did a huge amount of thumping on the dais for our pioneering efforts in the BPO sector. It just goes to show how competitive the world has become and we cannot take success for granted,' Premji said in his theme address on 'The India Advantage'.

Responding to the remarks of Infosys Technologies chief executive S. Gopalakrishnan on the India Advantage theme, Premji said the slowdown in the tech sector had created huge uncertainty in the job market, which is a cause for concern as 40-50 percent of engineering graduates would not get employment this year.