Is my future in jeopardy?

I was reading a post on rediff.com which said, Last year alone, India produced around 450k engineers and 35% of them were computer engineers. Though it is happy to see around 4.5 lakhs come out of india but the point of concern is that whether there will be space for all. We do the hitman job here by scrounging on the out-sourced jobs. We have to look for avenues to create an oppurtunity for ourselves. Like how we were self sufficient in agriculture, we have to be self adaptive in software industry too. Albeit companies like microsoft, intel, google, sun micro systems are moving there base to india is a good sign for us, being clairvoyant alone wouldn't help. Rather than producing engineers who can code Java, C, C++ is not enough. We should help our engineers think. Help them develop altogether new products. Develop them to create more avenues. This can be done by emphasizing on knowledge staff population. Unlike china where doing a PhD in china is still preferred by local population, indian PhDs don't have much value. Arguably only the IITs and IISc is worth considering for PhD, whereas in US even the third tier college have enough facilites to do research. We indians were slaves in the past, we should not let this happen atleast in the future.