What saves IT companies is "cheap labor!

Hail the big, audacious Indian cheap labor! TCS and HCL laying off big chunk of their Finland employees and will replace them with the euphemistic Indian Cheap Labor! At least this is the rationale that we are getting to hear from the reports in print media. (Refer TOI, Bangalore edition, Jul 1, 2013)

European economy is already sluggish and now the cheap labor arbitrage will make things even more worse!
It looks like conventional macro-economic belief of nations are falling through cracks and myths are de-mystified that there are and will be developed economy, developing and impoverished economies, who will keep on struggling with malaria, hunger, infant mortality, HIV infections and illiteracy.

I was reading about UK's plight and it says, many new women are entering into prostitution and they have even been forced to do a part-time trade to supplement living expenses! Rates have drastically gone down, sometimes as low as one-third of standard rates, business there has gone down from one woman making 7 to 8 sessions have been limited to 2 or 3. Rates can be as low as $30. Many allied businesses have come up to rescue of women in the form of phone sex and web-cam sex. I am not sure, if this is the case of Europe, how the hell Indian companies are getting projects and revenue from these countries? Who is eating Europe's great companies, technology, brands, capabilities in business, education and technology? Is it China? or Korea or India? It certainly is not in India as India itself is at 5% GDP growth rates and cost of basic products going higher and beyond reach, unemployment is at its peak.

IT and other companies have stopped hiring freshers. Result is closing down of more than 300 engineering and MBA colleges in each South Indian states. Refer TOI, Bangalore edition, Jul 1, 2013.

When China was manufacturing cheap products for the world, India was manufacturing Engineers and MBAs for their market, which had no direction or credibility. Industry is shrinking as manufacturing growth is nearly in negative. IT has stopped hiring graduates. Their capacity of hiring and business has shrunk.

Indian rupee is devalued to the level of shame! Value of currency has simple link with the pride that a citizen has for his nation. Such a fall is devastating.  Devaluation of Indian currency. Fall in rating of Indian industry by S&P and others. 6 times raise if fuel prices in past 6 months. We have a nation full of politicians and very few nationalists. Indians need a nationalist party, who can seriously evaluate our policies and save this nation by building on its values and strengths, rather than following western trends! While other Asian economies like, China, Korea have learnt to build on their inherent strengths globally as economic engines, we are still in favor of FDI and retail, as if "Buy Low, Stack it High and Sell Cheap" formula of Walmart is so unique and cerebral & non-uncomprehending by Indians that we even need Walmart to buy and sell "desi ghee and chana daal".