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Notes -
Offshoring already basically accomplished this. The big issue with offshoring is that 99% of Indian software devs are utter dogshit and produce utter dogshit code and don't even have the competence to understand what's dogshit about this. I write this as I sift through a pile of dogshit shat out by my offshore Indian coworkers. Any time I show basic competency at my job and do things I would expect any US CS fresh out of college grad to be able to do I come across as a miracle worker to my Indian coworkers because they're really genuinely just that incompetent.
I don't think it's that Indian devs are incompetent per se. It's that hiring good people costs money no matter where you choose to do it, and companies who offshore are misers who have no regard for quality as long as the price is lower. This is exacerbated by the fact that if you're a software dev in India and you are good, you're very likely to go to the US to work so you can get a US dev salary. Both of these things combined mean that the talent pool you tend to see with offshoring is abysmal, but it's not as simple as "Indian devs are bad" imo.
Indian devs are actually worse on average, it's not just that the bad ones get stuck in India:
https://news.stanford.edu/2019/03/19/comparing-skills-computer-science-undergraduates-internationally/
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