A lot of companies are simply setting up an office in Bangalore. So that rather than use WiPro/Tata, they simply hire locals in Bangalore.
This can be difficult to manage given the extra holidays, and cultural festivals, etc.
There are certain niche technologies that require US based skills. For instance many of the current workflow based tools lend themselves more to a really technical business analyst/pm than they do a heads down java developer (weblogic, tibco, etc.). However a lot of shops using these tools still employ indian/russian (whatever) developers to write adapters or services (API).
