It should be easier to find 300 good people in China or Russia (may be not in India, the cream may have been off that market). However, it's hard to find 3,000 good people in one place, and it's impossible to find 30,000. I do object very strongly that Bloomberg approach to developement (hire a 1000 "programmers" at 1/3 the price to do a job that a 100 good people could (and should) do) will work just because the prices are lower now.
And I'll never believe that business people will ever write code. Some will, sure. Talent happens everywhere in that respect, too. But you introduce an "if", and you're down the slippery slope. You add "for", and it's an avalanche. Then the "while" falls on you, and you're buried. I am not even talking data structures.