Good enough people from India move elsewhere in no time. You still get what you pay for.
Nearly nobody is ever going back, even those who can't land a proper job just stay and drive ubers.
Results of offshoring to Bangalore is a stereotype, but it wasn't born from nothing.
I've worked with teams from Bangalore who were staff of the bank I was contracting for -- they were amazing, but also not appreciably (if at all) cheaper than employing someone in London or New York.
Several well-known banks had large offices, and competition for talent was high. No race for the bottom there.
It doesn't particularly matter where you employ people, if you're trying to save costs by paying people less then you're going to have a bad time.
A tangential proof of my initial statement can be observed in US immigrant IQ levels, as compared to the general population.
If you want to pay them lower wages, they'll work for someone else instead.