No they are not. The average job profile might be a bit lower but FAANG has plenty of high paying job opportunities in India.

Can't speak for other FAANGs but this is definitely not true of Amazon India. They have teams working on everything from Alexa to new AWS services, and of course retail as well. Not to mention Amazon India itself which is pretty unique and innovative in its own ways. Amazon also pays a lot compared to most other tech employers in India - a lot less than Amazon US of course, but it's still not just "cheap labour".

They are?

I haven't worked for FAANG but I've certainly seen a lot of India tech jobs hired by American companies that I wouldn't consider "low-level ones the Americans couldn't be bothered with".

so you're assuming that nothing will change in the next 5-10 years?