I've been training Indian students in Miami for almost a year now... and they certainly are in a tough spot to find jobs back home. Personally I'd love to go to India and pick up a job flying an A320 but I'm not typed so that probably won't happen. Half of me is a bit jealous because it cuts me out of the loop, but on the other hand it does at least guarantee some of my students and ex students jobs. Like said previously, every government should take care of their own first. American pilots would become very bitter and spiteful if the American carriers were hiring type rated Indians, Chinese, Latins, Europeans etc. over paying for type ratings for upgrading American CFI's and FOs.
That all said I don't buy into this "by 2010" completely. Thats a goal, but the bad economy won't last forever. Worldwide, just like in America there will be a larger class of retiring pilots bringing up demand for pilots again. And from what I've seen in the past if they're short of pilots in America, they're even more desperate overseas and with the the potential aviation growth in India I don't think they'll be free of Expat pilots anytime soon. Aviation in America has already peaked, but in India/China/SE Asia they're still a lot of room to grow!
