There's some top talent in and from India, but they will be as hard to find or expensive to pay as anywhere else. It may have been slightly different in the past, but it settled quickly at a point where you get what you pay for. Developers below the top talent in India can often be worse than bad developers locally, between the distance, language, managerial and cultural differences you can end up with a mess that would have been easier to diverge away from with local developers. However, if you can manage that well it can work out and you may be able to build bigger teams over time.