These days, there is a lot of gloom and doom about the recession in the papers. I don't see any evidence of this "on the ground". Demand for good engineers is very high, in Bangalore and in the United States. I have more job offers than I can shake a stick at.
Every company I know is desperate for good developers, though they've slowed or stopped the "hire any warm body you can lay your hands on" type efforts.
I must be missing something.