Absolutely. If you're convinced that software development is going to be expensive, painful, and probably-doomed, you might as well pay as little as possible for it.
Long back, my very first project in a big Indian IT firm involved an Australian client. He was here, and we went for lunch together.
In a casual chat we asked him how difficult it was to hire in Australia. He didn't even hesitate for a second to reply, they had done everything thing they wanted to in Australia, and the projects failed. They are doing the same in India with nearly the same failure rates- at the end he said, he rather preferred doing that at a lower price.
