People are often too quick to cry racism, but I really think that's the only explanation for all these "India isn't a problem" stories.
Most Indian engineers are Java drones, but guess what... most American programmers are Java drones. And yeah, there's a new generation that's prosperous on relatively less effort, but have you taken a look at Silicon Valley lately?
Unless you believe that the American innovation engine is also slowing, you don't have a lot of reasons to believe that we won't see more and more innovation coming out of India. In fact, if there's a crash in outsourcing, it might accelerate that process (or simply shift the outsourcing market to target Europe).