nobody is freaking out. Infosys and TCS are NOT India's representative companies anymore. They are the Flipkarts and the Olacabs and Paytms now. Or even Freshdesk, Zoho and Helpshift.
I think most people welcome the move - we have lost many good potential employees who were headhunted by outsourcing companies by showing them the American dream and then chained to the yoke in some dreadful job.
The services business is not going to be affected that much - most of the work was happening onshore in India anyway. This is a delta of a billion dollars at worst. In the long run, this is going to be much better for both economies.