Well yesterday I read something else in eweek India 2.0 from Stan Gibson he argues that their might be more competition than we think to the whole story. His point is simple how difficult is it for a global company like IBM to expand in India, ie one country, when they have been expanding in other countries for the last 60years. Expansion, multi-cultural, global workforce is part of IBM's DNA. Another thing really strong within companies like IBM is their innovation cababilities. Compare this with India's companies challenge, expand in every industrial country in the world at the same time, and learn to innovate.
I hate not to have an answer, it's one of those where I think we'll have to play it by ear.