Lydia
As you said "unregulated".... The CPL students are going overseas mainly in the US, Aus, NZ and Phillipines. The DGCA cannot control who desires to fly and who doesn't. Here it is the media which had a part to play in this and published articles that gave a misleading impression that jobs were available for the taking. I overheard that the DGCA are now trying to advise students not to waste money in aviation.
Add to all this the fuel price escalation and we have a recipe for disaster.
TD
India is not the only country to put a fresh CPL with type rating on the RHS. The same happens in Europe. Being a trainer I assure you that with the current glut of freshers "generally" the brightest are being taken for this task. No airline wants to have a misfit behind the controls. In addition being a CRMI we insist on assertiveness, which today's generation does not lack.
Regarding the expat pilots based abroad it will probably have an effect in the next few years.... So if you get a chance to move to one of the legacy careers.. maybe you should explore it.
JB