I think this depends on the type of programming you do – if you work in a company that bids for outsourced programming work then yes, you may have issues competing with the India/Asia. The best way to counteract that IMO would be do demonstrate that the quality of your output is higher (i.e. worth the extra outlay).
The IT company I work at produces software for general consumption by the telecoms industry – we’re a direct vendor, rather than a company who supplies outsourced IT expertise. As such, we’re not in a position to be affected by the outsourcing you’re talking about – we’d be more likely to have to compete with vendors in the same market space.
So I guess if you want to worry less about programming as a viable career, work at a company that produces software products rather than one that bids for outsourcing contracts.