...is it did not happen last year.
"the rupee has depreciated (so the firms make more in dollars), the India labor market has cooled off substantially, and much of the work in a recession is sustaining, not enhancing. Add to that at least some nervousness about India about the recent attacks in Mumbai..."
So, yes there will supply side disruption, but nothing like it would have been in a much more torrid market a year or two ago.
Update: NY Times talks about how it will benefit Satyam's competitors. Of course there will be disruption to exisiting Satyam customers, but overall at $ 2 billion in revenue, it is less than 5% of IBM's outsourcing revenues, and .5% of the global outsourcing market. Looked at from a macro perspective it is a blip - and customers should be wary of vendors opportunistically using it in price discussions.