Forbes is predicting the death of India's offshore outsourcing business due to increasing wages.

Gotta love 7% of a nation's GDP devoted to undercutting US wages.

The cost advantage for offshoring to India used to be at least 1:6. Today, it is at best 1:3
Yet, India, for all its glory, is still the world’s back office. India's tech industry is a "services" industry. The Indians don’t do the thinking. The customers do. India executes.
As a result, India has not learned to invent technology products of its own. Barring a few exceptions, the huge amount of venture capital chasing India finds it difficult to be deployed. There is way too much money, way too few deals. Instead, tech-sector VCs are now diverting capital to retail, real estate, hotels and other non-tech sectors.
India's $30 billion IT/ITES services industry, meanwhile, is slowly and surely losing its competitive advantage.
Most of the 4 million people that the industry employs have now "arrived." They have breezed through the milestones that their fathers had to toil all their lives to reach. A phone. A watch. A TV. A car. A house.
They are complacent. They will not take risks. They have "outsourced" thinking to their customers

One small problem, while US corporations were busy squeezing their workers by firing them, they threw out the window those very minds that would innovate and think. This article seems to assume Americans are just sitting in a box somewhere, ready to be pulled out and to innovate again. Doesn't work that way, it takes a long time to create that kind of talent and it must be a lifelong career, not disposable people.