Intel & JP Morgan invest in India

Intel, the world's largest chip maker, and JP Morgan Chase, the global investment banker, said on Monday that they would outsource significant operations to India, an indication that more complex high-value work was moving here. J. P. Morgan Chase said it would add 4,500 employees in India by 2007. UBS said it would open its first center in Hyderabad, with 500 jobs, in early 2006. Goldman Sachs has 750 people in its center in Bangalore but has a capacity for 1,500 employees.

Now, my question is whether the above companies want to use India as a mere body-shopping location / destination (ofcourse the Indian workforce would be more than delighted to work for Intel, JPM, UBS, GS etc for the lofty salaries that they would be paid BUT in 10 yrs time, I bet Indian grads would be recognized as mere transaction-processors....jus rote processing!) or do they really wanna add value by moving / shifting their CRITICAL (Value added!) activities from the US (which I doubt, if it would happen in the forseeable future!)