We'll see. The idea that Indians will replace us all has yet to pan out. But the increasing prevalence of remote may be the tipping point.
Now any low tier laptop with zoom will give you a proper videoconferencing experience, infrastructure is all cloud based, there are 10x more fiber cables connecting the planet, there are lots of well documented open source projects for almost everything, and for learning there is youtube and MOOCs.
Also, foreign schools are getting better, and many alumni of offshored companies are now founders. The silicon valley model of financing is being replicated abroad too.
Believe me when I tell you: the castle walls are falling apart and soon wages will go down.
People that got comfortable writing average CRUD applications are about to be stomped by a massive stampede.
Also the cost in India is also increasing and running your operations remote is not simple.
I dream of the day when the student in cs for the money will reject the faangs of today during poor races, and instead join a home grown startup.