Seems like the author hasn't really studied the devices that are built out of India. The very same Multinationals that are talked about are moving not just design activity but also back end, post silicon activity to india. You talk to the multinational companies and they show off the mobile phones, set top boxes and other end products that the chips they design go into...no problem whatsoever.
It is true that it is a designers market but any company worth its name in salt builds redundancy, architects and key designers don't jump jobs at the drop of a hat..The Indian semiconductor industry has reached critical mass, growth is slowing down to a manageable level. It is not a trainee industry...get the facts right...