Its good that the I.T industry is facing a correction I would say, jobs to India are drying up. People don't want to have crap website if they can market their stuff on twitter or facebook, plus people don't want low quality jobs.

Who knows, from 50 - 70% percent of I.T workers can be unemployed soon. The problem is they are so unskilled that they can't do any other job. Not even garbage picking. I.T people simply don't have the gutz to bear stench and fight street dogs.

To make the matters worst, if a person goes for an I.T job, the rest of  his family takes rest and lives off his earnings, well, thats how India works, so many people are going to be impacted by it.

However people with good skills have a good time. No more one is needed to work along side a person who has take a parallel job not because he likes to code, but just want a fat pay, so for that he went into engineering.

Managers will be fired, as most companies can be without them. MBA's / jaalras would face axe or those who can lick their bosses shoes might be forced to take humiliating salary cuts, but infact they know and re the masters of in-dignified survival. Intelligent companies will axe sreadsheeters, sweet talkers and emailers.

Companies have two choice, one to have politicians on board feel great about it and sink unable to face the competition, or have great programmers in  and fight on. So lets see what happens this exciting period.

But if you are skilled and truly love code, you will rise and your value would improve. You will rise till you get really greedy. Thats the silver line.

This will also bring in steep reduction in real estate prices, they could be a housing collapse in India, just like it was in USA. Now you know why real estate people are investing in massive advertisements to create a sense of real estate boom.