Commoditization of Human Resources

I found it very interesting to read the front page column in ET interviewing Erich Clementi of IBM. He speaks of commoditization of IT services. Wherever the services does not require unique thinking / skills, the industry becomes highly unviable to operate because of huge competition. I want to draw an analogy to this for IT professionals. At Acropetal when we put up a post for recruiting freshers, the number of applications were close to 5000 +. I mean more than 5000 engineers applied. Forget about that. Imagine a company like Infosys. They have more than 25000 people who are 1-2 years of experience. All working mostly on generic technologies. Imagine their career progression. For example what would all these people do if they reach an age of 45 + ? Technologies will change, age will hamper learning, and with experience salaries will also be high. They would be highly unviable in any IT services organization. The future is happening in US now where aged employees are asked to leave from major IT companies even like of IBM and work is outsourced to India and other similar countries. Tomorrow's IT industry will make many of our current IT professionals highly unemployable. High salaries and lack of unique skills will be most difficult proposition ! The challenge that it will pose on our economy and social system will be very high.
Lets wait and watch.