There is a shortage of experienced Captains in India expected to last for atleast the next 3-5 years. At Spicejet we have a surplus of F/O's but not Capts. Many folks are (Indians) are pursing aviation b/c the pay is great compared to the norm in terms of professionals. A pilot can make 10 times what an engineer can make in a month with much less time vested in training.
Assume a new F/O joins with 250 hrs, within 5 years they will have the minimum time requirement for command, and assuming they have passed the written exams and are suitable they will be in the left seat. However with the projected growth, there will still be a need for expat Capts. But the Indian carriers have to be able to match the pay packages and benefits for people to stay. Many opt for Middle-East/Japan/Korea because of the commuting issue and pay and not having to deal with India and it's nuances.