Yes, it does.

As their economies grow and their populations and firms become more technically sophisticated, outsourcing will still occur.

Further, the price of raw materials will increase in the short term as economic growth has occured while the supply is constant.

As well, china and india will compete with the us for a variety of goods and services head on.  And they will do a better job of it, just like Japan did.

Further, economic growth in China and India means more consumer goods, including cars.  Lots of them.  If you believe in global warming, well, hope you like saunas.