Hi Umang,
I see that SAP is bringing things towards ABAP also. For instance, GRC 5.3 was Java based but the new version which is GRC 10.0 is purely ABAP based. So I don't see SAP not using ABAP for new products. With Java being now of Oracle after the acquisition of SUN I don't think anyone would simply move to Java leaving their legacy tools/languages.
We don't know what licence changes will happen with Java in the future 
So I believe ABAP will be there and will be used for new products by SAP.
Cheers,
Nagarajan Viswanathan