The IT companies are miffed not because of the rising rupee, but because of rising costs in terms of salaries. If the rising rupee was not accompanied by sky rocketing salaries and un-bearable attrition, I'm sure they would be easily making a bundle.
When the US faces employment crunch, they just import more labor. India is not in a position to do that (who wants to migrate to a third world country?). The real solution is to produce more of qualified professionals. When there is more supply of engineers, technicians, college graduates, etc the costs will be contained and the jobs maintained in the long run. The government should be going out of its way to attract FDI in the education sector, instead of indulging in shenanigans about 'not-for-profit' institutions and 'job reservation in private sector'.
