IT industry structure cannot be created in a week. First they may snare low level job's like support, call centre's etc.,. Then they may jump up in the value chain and grab jobs of our programmer's. But that will take atleast 10-15 years.
If you believe that, you are in for a surprise.
While there is some value-added, the bulk of off-shoring still involves projects designed in the US. It doesn't take 10 years to become a good programmer, it takes 1 year with talent or 5 years with less talent.
Experienced MNC's can shift a programming project to the cheapest supplier nearly as quckly as they can move a call center, leaving workers stranded. When the MNC's work through local employers, the labor laws don't prevent this. Anyone can choose to award the next development contract to a supplier in another country. The old employer then has no way to pay the workers.
As for IT education, the books and curricula have gotten so good that any good college can offer a CS major with a few imported teachers and some students with English skills.
The only real issue is political and economic stability. Here, India excels compared to its neighbors. I don't know how long that will be true.