Bangalore home to highest average pay scale: Report

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Zinnov's report also noted that while over the next 18 months, MNCs will concentrate on increasing their staff for captive R&D centers, yet, the rate at which the companies have established the captive R&D centers in India has slowed down significantly.

While 93 new centers were set up in 2004, only 24 centers were set up last year, the report said.

However, there is no need to panic. The biggest advantage of India is that the country has a vast pool of trained manpower. Moreover, special grants announced by the Indian government earlier this year to create knowledge workers would make India an enviable business or outsourcing destination.

In an earlier report, Boston Consulting Group had stated that India would have a surplus of around 47 million people in the working age group by 2020, while at the same time, rival China might be struggling with a deficit of 3 million people in the working age group.

Not surprisingly, companies like Cisco Systems Inc. and IBM Corp. are continuing to tap India's talent pool and increase their investments in the country.

Zinnov's research covered 390 software product development firms, 120 engaged in engineering services and 84 embedded service companies.

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