No. It is supposed to cut their operational costs, not to permanently eliminate the possibility of competition against them, which is impossible anyway.
If Indian firms do proliferate and compete with one another, it will further cut their costs, and yours. And if Indian programmers and engineers do try to compete with IBM--a long-term possibility--it will make your cost of living go down even further and free up even more money for more American investment at home.
But also remember, as other countries' economies improve through their commerce with us, they will start buying computers too, and there will be room for many competitors on the world stage.
What about Chinese companies copying source code, relabeling it ChiComSoft and selling it to US companies for a tenth the cost?
They already do that, working from here in the U.S. That's a separate problem.
What's wrong with the US owning a monopoly on the world stage?
Such a situation is both unattainable and unsustainable, unless you want to assume that everyone in the Third World is too stupid to compete. Besides, if not for Third World labor in a variety of industries, you would not be able to afford the computer you are working on--costs would be two, three or four times what they are today.
You fear, as many do, that such labor will drive America's economy to destruction. But ask yourself, has it brought us in that direction? In fact, no, it hasn't. We are more prosperous than we ever have been before, and the rest of humanity is beginning to share that prosperity by doing business with us. Our salaries will not diminish, but theirs will rise. I think that's a good thing, myself, and it will give them other things to do with themselves besides immigrate here illegally and collect foreign aid and charity money.
And I don't see any reason to compare poor nations with feces. After all, they are human beings, children of God, too.