There's no reason to be un-necessarily emotional over this issue.
Foreign or expat pilots clearly cannot expect it to be their right to fly in India (for Indian operators). Ultimately, it is the Indian authorities that have the final say on this, and their sovereignity.
There seem to be plenty of bright youngsters in India who have the qualification but not the hours for the right seat. Competence and aptitude is not the issue here. These young boys and girls do have to start somewhere to build experience.
If indeed the Indian authorities stick to this 2010 deadline, it gives plenty of time to operators to hire enough amount of relatively inexperienced pilots and bring them upto required hours. This can be done without compromising the safety.
India is not an Emirate, and one cannot expect flying jobs to be pledged to expats because Indians would certainly desire the jobs for their own billion or more citizens!