Correct. Founded in 1868, the Tata Group of companies has over 722,00 employees around the world and their businesses range from steel, petroleum, consumer goods, aviation, construction, automobiles, defense, hotels, ecommerce, consulting and hell yeah - dating. When they talk, businesses take it seriously. [en.wikipedia.org]. Everything they have touched, they performed excellently in it.

But please note it would not cost India much in the long term (not beyond a 2 year disruption).

Here is why:

1. Indian IT is now Woke - The world is global. It is not like in the 60s and 70s when it was hard to go overseas to study - let alone to work. When I arrived in New York as an international student 30 years ago, I thought the only three ways people came from overseas were student, through family sponsorship and in rare cases as refugees. Never heard at the time that anyone could directly land with a high paying job in hand (H1 visa). I created a student loan, went to school for 4 years, put life on hold just to get a job and dragged my feet slowly start life. The route to settling and prosperity is not difficult any more. More Indian IT workers are arriving with jobs in hand. They buy their first home in the 1st or 2nd year.
2. IT Servicing Wave is Now Unstoppable in India - In my time, there was no outsourcing in India. Today there are mega IT service hubs in 10 mega centers in India. In fact, these look like mega cities with tall glass window skyscrapers and restaurants on the roofs. People have modern U.S. style homes with swimming pools, gyms etc. In short this IT trend will continue.
3. IT Careers are Very Rewarding - Often young graduates are hired and signed up directly on-campus by Western companies at $300,000 pa.
4. Universities are IT Graduate Factories - Top notch institutions (like the IITs) are churning IT graduates in large numbers every year, young people are not going for traditional careers like pharmacy, accounting, finance, medicine, law etc.
5. If Not the US., They will Go to Other Countries - They will disperse to Finland, Norway, Sweden, Iceland, England, Ireland, Germany, Australia, New Zealand and other places. IT graduates are already working in almost all major Western countries including in Australia and New Zealand.
6. We have Not Learned Our Lesson - The same thing happened when it became difficult for Indian students to arrive at American universities due to visa restrictions. Indian students started rushing to other countries. Universities in European countries have a high percentage of Indian students. Indian parents today have money. They can send their children anywhere without financial assistance from schools.
7. IT Gradates are a Good Catch in Marriage Market - Last but not the least.. it is not directly related to the post here but this influences the socioeconomic conditions of why an IT careers is preferred and found rewarding. Still 90% of marriages in India are arranged (arranged by parents of both). IT graduates command good girls, rich in-laws, high-end cost free marriage, and a handsome sum at marriage (as help in marriage or dowry but voluntary). The average amount is about $1 million and the high in the rich class is $10 to $15 million. Indian boys are working very hard to be "a good catch". Lol

Therefore the IT director's assertion is 100% accurate. It is the American loss. Not Indian. The Indian IT consulting and recruiting companies are sitting there to do business of consulting globally. Most reputed large companies in India don't even cater to local businesses. They will increase exports to other countries but the revenue will continue. Plus Trump will not stay forever. It is included in the game plan.

Nothing I am saying is new. All has been widely reported.

CBS' 60 minutes did a program on how international universities and businesses are waiting recruit India's engineers. Often rejected candidates at the IITs are recruited on the spot in campus by American universities on free rides.. MIT is one talked about in this program.