Will IT Slowdown increase outsourcing?

We are medium size company in India to provide software development services to US based comapnies. In last 6 months we are seeing slowdown in business, we would like to know from members whether this situation will actually increase outsourcing to countries like India, China? What will be the major concerns?
How should be plan for next 6-12 months?

Any comments will be highly appreciated.

Uday