Coders versus Project Managers

Few months back, I got below joke emailed to me by my friend who is also a passionate coder. In my personal (and humble) opinion, below joke hits jackpot with the current state of 9 out of 10 IT companies in India, which are headed by people who have zero or very little technical background. And perhaps this explains why Indian IT companies still have to market themselves as low cost outsourcing destinations to win business any why we still dont have too many Product based IT companies in India :-) Is the story same in your country too? Let me know, I would love to hear :-)