There was this post on The Hindu some time back
http://www.hindu.com/2005/03/28/stories/2005032803920300.htm

Basically about the big I.T co's hiring like there's no tomorrow.

I was a little amused to see a strong reaction on different blogs to this news item, generally opinions against the s/w companies with even 1 comment on a blog saying "India will only improve if its free of these companies" .
Gulp !
I seriously cant still understand the big deal about this. Why should this mass-hiring be a bad thing at all? Why should not civil engineers write code in TCS if they get paid better and presents them a good chance of settling down quick and easy. If at all the bloggers feel the 'core technical' junta is dwindling, we can always 'outsource' those core jobs over a period of time. The actual 'core' junta ( my definition of core is only R&D junta ) would not change that much. And we dont have a sizeable 'core' population anyway right now.

The only thing that concerns me about IT in India ,from what little I know, is the fact that the big 3-4 companies contribute too significant a chunk to the total s/w mkt share. The smaller companies must evolve and contribute proportionally in the long run for a healthy I.T India.