Trending @Infosys; Future of Indian IT industry? Is this the endgame?

Basically the title. No, this isn't about AI or automation, etc. This is more about the competition that Indian IT industry will face from other lower CoL countries like Vietnam, Poland, Indonesia, Nigeria and Bangladesh. The sole reason American and EU companies have their work outsourced to India was cost but now the Indian resources are billed almost equal to any US/EU developer. They are paid peanuts - but the companies bill a LOT. $100 to $300 per day isn't very uncommon, At these rates, companies would rather do this stuff inhouse or if they can afford it - setup a dev center of their own in India. How likely are we to lose out to other countries if this continues? I have worked with a lot of devs from Vietnam and Bangladesh and there is not shortage of talent. They come at a fraction of cost too.