Even if you pay half the amount you pay avg (let's say 60K USD) in US, that will be very very good amount for an Indian living in India (30K USD/year is very good for living in India).
So, if you expect good work and don't want to pay even the amount which is equivalent to what an entry-level developer in US might get, then you will never get good developers.
Developers from the Ukraine are better, from experience.
Since there's a lot of investment going on, by startups and giants like Google, Apple, Amazon etc who are hiring a lot in India, it is difficult to get good devs easily because devs will see few things even before trying for interview,like
1. Company's product and how it aligns with their perspective 2. Brand 3. Monetary value
(not in any order)
And these companies will keep on paying large amount of money because it will still be cheaper than what they pay in US. These giants will give a brand recognition. And as we all know, these companies have amazing/challenging work too.
So smart talent gets occupied and is hard to snatch from such giants.
And they went on with their own SAAS application. The difference was the CEO was was doing the project managers work and tested everything himselve.
The other teams were constantly saying yes, but execution lacked severally.
So yes in their context meant: we heard you, not we understood you.
So when there are specific jobs that have scarcity and salaries are raised, many managers literally have no experience with that and don't know how to hire in a competitive market.
The average quality of the Indian engineers (in banking), is unfortunately pretty abysmal.
The problem, I think, is their bias towards to hiring their own. Banking IT can become absolutely dominated by Indians, to the point where Indians can staff > 90% of IT positions in countries where they are a minority. The average quality of the Indians in there are pretty bad.
The difference can be seen clearly in companies that enforce some kind of diversity quota. The average quality of the Indians in there is noticeably higher by a wide margin. These companies are unfortunately a minority.
When I was consulting I spent half my being a product development/manager person because I needed to be.