Today, Civil, Mechanical, Chemical and other engineers are getting jobs and a better pay-check because of IT. Not just engineers, vegetable vendors and shop-keepers are getting a better deal because of IT today.
Every era has a driving force in economy. In the current era, the driving force happens to be IT. 20 years back it was someting else, 20 years from now it could be something else.
The narrow-sided progress is scary. All brains are headed towards IT and very few towards pure-science or other branches of engg or economics. But India has a huge pool of talent (and population) and can absorb some of its brains being IF-DO coolies.
However, I really wish rich companies like Infosys spend some money on R&D and come up with some patents and a product for Gods sake, instead of being 101% coolie-company.