How has the BPO industry fared in last 3 yrs? Is there a future in a BPO job in NCR?

-A decade ago, BPO was big business and the new messiah for the 21st century youth in India. But over the years it has somewhat been a dud. It seems this industry is plummeting and will continue to do so. Newspapers are abuzz with events of businesses moving to phillipines, malaysia, even china and sometimes back to the home country. The people who already are in for a few years complain of stagnation and exploitation. For a fresher, what are the pros and cons of joining a BPO (non-IT) in NCR in 2011. BPO community please speak out!