BNP Paribas analysts Abhiram Eleswarapu and Avinash Singh say that for Infosys to achieve a 20% compound annual growth rate in revenue at current productivity levels, it would have to employ a million people in the next 10-12 years.

Nobody thinks that's feasible. Rising wage costs, complexities in handling large organizations, huge capital expenditure on infrastructure for the employees and the lack of employable engineers are major impediments to such massive levels of hiring.