The software industry in India has been growing at phenomenal rates over the last twenty years. Currently stands at 70Billioninrevenueandtargetedtowards300 Billion sizes in the next four years. It has been showing constant growth of over 20 % consistently irrespective of global slowdown and - anti offshore policy by some countries in near future. Even after this tremendous rate of growth, the process that is used to develop the software product has not changed completely and research on factors affecting the use of method to develop the product is not given importance in the Indian scenario. The literature survey walks through the evolution of agile methodology in the past two decades and critical factors as well as enhancements that happened to the framework. Five-axis polar charts as suggested by Boehm and 3-factor comparison - people, process, projects. The survey provides insights on agile methodology readiness and challenges faced in the IT industry globally. These inputs will be further validated if they are used In Indian IT industries. Challenges faced by Industry in Institutionalizing Agile along with an overview of most popular methods to be explored. A new conceptual framework is proposed based on the India IT industry pilot survey.