Scoggs has it spot on. There is a growing middle class in India, and within the next 5-10 years, it is going to feed strong growth in Indian aviation. The vast middle classes are highly educated and will work for fraction of the cost of a similarly educated individual in the developed western world. However, costs are rising and salaries increasing. My company gives salary increases to our Indian employees at not less than 20% per year. This is unsustainable.
If the bubble does burst, I think you'll find more Indian pilots moving to the traditional stamping grounds of expat pilots in the Middle East and Asia-Pacific. Inevitably, some will come to Europe too. Even if the bubble doesn't burst, young f/o' will quickly work out there's better money to be made at SIA & EK. All in all, things should get even tougher for wannabes...
