IT industry in India

I recently hear lot of questions from many people that IT is not booming now, IT will be in slump soon like it was there sometime back in 2000. But how many of you agree with it.
If you think yes, I have some questions for you

What would be the root cause of this Slump?
Where will all the existing jobs go?
Where else they will get the people other than india?

Firstly I would like to address the first Q what would cause this slump? as far as I know the problem is with the US economy, as there was a lot of mortgages given by the all major banks as the real estate was booming there with out much guarantees. usually all US banks consider only the credit history for any loans or mortgages and they are unable to recover them right now as the real estate rates suddenly went down.
Of course this will definitely effect the IT industry in India and we already could see this affect.
I hope most of you might have got their Appraisals/ Increments by now and they know the % hike they got.
Coming back to our main point Slump, this could not reduce the number of jobs as of now because the applications already developed should have to be maintained and supported till end....

Secondly, where will all these existing jobs go?
In the recent past we here the packages demanded by the young professionals in lacks of rupees. This would increase the cost to company which in turn equalize the cost of the US at some point.
I think this could be the reason software giants try to think for the alternatives ...
But where do they find this much man power with all the technical skills the IT industry looking at....
So if you consider that some other country like china/any other would take over the jobs from India.
I think the below information would clear all your doubts you have....

Following are the Country skill Rankings (NASSCOM)

IT Database Development and Administration

RDBMS Concepts	SQL (ANSI) Fundamentals	MS SQL Server 2000 Programming	DB2 Programming	Oracle PL/SQL
India 48% United States 22% Romania 4% Russian Federation 3% Ukraine 3%	India 60% United States 14% Russian Federation 5% Ukraine 5% Romania 3%	India 33% United States 32% Romania 7% Russian Federation 5% Ukraine 4%	India 71% United States 18% Philippines 1% Romania 1% United Kingdom (Great Britain) 1%	India 50% United States 20% Russian Federation 5% Romania 3% United Kingdom (Great Britain) 3%

IT programming and Development

C#	Software Testing*****	C++	Java 2 Fundamentals	.Net Framework
United States 29% India 22% Russian Federation 9% Ukraine 8% United Kingdom (Great Britain) 6%	India 71% United States 11% Ukraine 4% Belarus 2% Pakistan 1%	India 22% United States 20% Russian Federation 17% Ukraine 10% United Kingdom (Great Britain) 6%	India 58% United States 14% Russian Federation 5% Ukraine 4% Romania 3%	India 47% United States 19% Russian Federation 6% Ukraine 6% Romania 5%

IT systems and Network Administration

Linux Administration (General)	MS Windows Server 2003 Administration	Networking Concepts	Unix Administration (Solaris 9)	Information Technology Security Fundamentals
United States 22% India 16% Russian Federation 9% Ukraine 7% Romania 6%	United States 37% India 19% Russian Federation 6% Ukraine 4% Romania 3%	United States 34% India 17% Ukraine 6% Russian Federation 5% United Kingdom (Great Britain) 4%	India 37% United States 27% Russian Federation 5% Canada 3% United Kingdom (Great Britain) 3%	United States 33% India 12% Ukraine 6% Poland 5% Russian Federation 4%

Please add your valuable inputs.