I agree with Mayday.
India, like China before it, is currently delving into uncharted territory vis a vis to the hiring of pilots including ex-pats. When you simply do not have the resources to match your growth, you have to look outside the box and sometimes that involves governments as well.
All you have to do is to look at the agencies websites like Rishworth to see the Indian advertising.
Apparently they will be looking for large numbers of ex-pats to tide them over during the rapid growth period. In order to get these qualified people (with type ratings and hours on type, sometimes several types!), they have to give incentives in terms of pay and other benefits. Yes, it's contract work and there is always a down side (what job does not have a downside?). But keep in mind, these foreign pilots will be making big sacrifices to their lives in order to help the Indian economy and airline business in partcular. It's a kind of win-win situation.
While I can appreciate that locals may not like the idea, what other choice do they have if they cannot meet the need of the rapidly growing industry? I have been around long enough, flown international extensively (including Indian airspace and airports) and have been involved in contract work for almost 3 years. What normally happens depends on your previous background and experience. Certainly the agencies and contracts I have been looking at will provide an Indian validation to your own licence. However, keeping your national licence (whatever state/country you were licenced in) and medical will be YOUR responsibility. You really need to read the small print on these and it's there for all to read, just pull up the websites and they'll tell you the basic requirements. Then, if you at least meet those, they will send further details including a DGCA questionnaire.
In my particular case, I am looking at two different Indian contracts. I applied because of the ad that was sent to me and the aircraft which these companies either had or planned to have. Having an FAA ATP with 4 Boeing type ratings, time on all four, all original training done in the UK (including now defunct UK CAA ATPL) plus another EU licence, I have been through the validation process a number of times in the past decade. You just have to jump through the hoops and if there is a need, they will make it work.
Globalization has this effect - what goes around, comes around. And with no disrespect to any Indians reading this, there have been plenty of US and EU job outsourcing to places like Bangalore, Mumbai, New Delhi and Dacca to name a few. You can hardly complain when the tables turn and you get a taste of the same medicine.
In the long run, this will help everyone - even the low timers as there will be plenty of opportunities. As you all know, in this business you have to pay your dues and for international, wide body flying, you definitely need the experience.
In conclusion, I don't think it matters too much if you are of Indian descent or not. If anything, it may help get your foot in the door. More important is your qualifications, experience and how fast you can successfully meet the airlines' needs to finish up line (IOE) training and start being productive. My advise would be, if you meet the basic requirements, apply and worry about nationality or other issues later. You have nothing to lose.
Good luck to all!