doubtful
The design/engineering of a product, is essentially a fixed cost (i.e. it costs you X up front to design it). It costs you no more if you build 1 or 1,000,000. I don't see that sending it out to India and saving 30% (or less when you factor in all the administrative costs) is going to be a big incentive in the long run. What will matter is results. I see, in many cases companies are not happy with the results they are getting with their projects they send offshore.
That said, it makes sense to put to work people in other countries who are good at engineering. I just think over the long haul that we have a lot of structural advantages here. The disadvantages here are nominal cost, and lack of interest on the part of a lot of kids.
My college age brother in law who seems pretty smart wants to be a musician. When I was his age I liked programming my computer.
well, apparently Cisco is happy enough with their results - to expand it.
I don't see anything that is going to turn around the college matriculation trends in the US.
Design/Engineering/Innovation will go where manufacturing goes.