Nevrekar,
I have to beg to differ with you on this point. Discussing emolument details on a public forum is not prudent but a chat with management in this regard should dispel any doubts. It is a well known fact (myth, maybe) that expats are paid more than locals.
You have said yourself that expats need to be induced into leaving their home countries for foreign shores. The choice of inducement of Indian airlines is financial. So yes, as a whole expats are paid more. The only interesting fact I'd like to share is that the company's share of retirement fund comes from our salary. So they are not really paying for it.
Again, don't perceive this as a point of chagrin. We need you guys a lot more than you need us and are willing to pay for it. At the operational level you guys bring a wealth of knowledge and experience which prevents inbreeding of concepts and ideas within Indian aviation. There is unanimous agreement among the F/O's at SG that expats are fun to fly with. I personally soak in every word and action you guys have to offer because it's literally out of the box.