"As of 2005, more than 150 international companies, large and small, were doing R&D in India. Multinational companies started hiring strong leaders to run their development centers in India. Some of these companies imported expats (professionals returning from the United States, the United Kingdom and other Western countries) to run their operations in India. The leadership teams of these companies understood that they could do a lot more from India than simply being a back office to the product teams in their home countries. Thus began a quiet revolution. The India-based leadership teams of these companies convinced their executive management to allow them to take ownership of certain products whereby the Indian teams could conceptualize and build new features and modules."Here an excellent diagram from the article showing the product companies operating in India as of 2005.
Update: A macro-economic number showing India had 5.4% growth in Q1 2009 vs. projected growth of 5.2%.