Why I Will Never Feel Threatened by Programmers in India
Look around you and you will find that most American companies hire lots of Indians as programmers. Do you think that the guys who ended up coming to America suddenly transmogrified in to competent programmers during their flight across the ocean? Do you think that those Indian engineers who decided to stay back and work in India are any less competent than the ones who took the flight? 
Having worked in both India and the US for over a decade, my experience tells me that the distributions for programming skills are almost identical in the two populations. The top percentile of programmers in India (those who work for Google, MS, Amazon) are as good as their counterparts in the US. The $12 crowd is about as good as the craigslist freelancers who charge a similar rate.
While you may not have to worry about being replaced as a programmer, what you should worry about is an India startup like Zoho or Freshdesk competing with your company. Unlike China where startups can focus on the largely internal Mandarin speaking market, Indian startups are going to come after all the English speaking markets.