Well, this is not strictly about jobs in India. It is about application portability and agility. Cloud, properly defined and understood, offers the ability to provision compute resources relatively quickly IF the software application is written to live in a virtual world. The HW is abstracted and offered as a service platform to host a Cloud friendly application that no longer cares about the physical infrastructure. One can literally build a data center in minutes from available virtualized infrastructure.
Microsoft recently moved an entire application and data set from WA to TX because of high WA tax rates.
Microsoft Migrates Azure, Citing Tax Laws
....The move underscores how the economics of data center site location can change quickly – and how huge companies are able to rapidly shift operations to chase the lowest operating costs.
State: Data Centers Not Manufacturers
The tax controversy in Washington State erupted in December 2007 when attorney general Rob McKenna ruled that data centers were no longer covered by a state sales tax break for manufacturing enterprises because they “do not produce a product which is sold to the companies’ customers.”....
Cloud IS the definition of producing a product which is sold to a companies customers. The difference is that you are buying compute cycles and storage as a product, not a shrink wrapped CD or USB stick.
From this perspective businesses better wake up and understand the direction of computing and services. The impact of IT labor rates become minimized while expertise in performance, reliability, networking, remote management, security and cost management become maximized.