The pay going down when the contrast agency realises they have some interest is a common ply. I verbally agreed to contract through PARC for a European carrier. Once they thought they had me, suprise suprise - the pay offer went down! I told them to get stuffed.
Have a look at the other contract agencies. Sometimes the same jobs are advertised with better conditions.
But deal with contract agencies the same way you would deal with a cobra. Very carefully! (Edit; the snake. not the beer!).
And these Ts and Cs for a widebody command are p!ss poor. Anyone who agrees to them gets what they deserve. If India is serious about improving it's aviation infrastructure, it had better start paying the going rate. Don't they realise there's a shortage of pilots!