Even before this, technological change was limiting labour demand
For example in the USA, the total number of hours worked hasn't actually changed over the past 30 years, despite a significant increase in population
Thats the economic model of the US
When people are saying that the US is the wealthiest country in the world, it is not a meme, it is true. That the US has not taken advantage of this, is another story.
However, I believe that the coming technological changes will be far far more impactful to low-cost labour than before.
India is especially vulnerable in this. While in China, robotics firms have seen an absolutely huge influx of investment this and the past year.
The coming years/decade will certainly strain and eventually break the current economic/development model of the world.
China can adapt, as for India i doubt it. It has gotten to the game way too late while also having other serious issues (caste, religion, low gov administrative capacity and capability)