At Spicejet your contract and pay begins the day you depart your home country assuming you were current/qualified. I think most of us will be ok here until our FATA's expire. After that, it all depends. NG's FATA my not be renewed as he is at the 3 year mark. The new DGCA ruling mentions the 3 year mark or July 2010 whichever comes first as the limit.
Nonetheless, NG brings out a valid point in that it does not hurt to consider all your options. Any kind of restructuring will have a trickle down effect.
If the B-777 or A-330/340 fleet is reduced, then the need for those guys will be lessened. The expats will be phased out, the Indians will be displaced to the B737NG, elimintaing B737 expats and displacing Indians to the ATR etc etc.
Most of us here enjoy the work we do here and the organizations we work for.
While we would like to stay here, there may be issues beyond our control that might cause us to have to look elsewhere in the future. No cause for panic. Just the reality of the situation. It is better not to be offered a contract rather than being given one, move your family here, and then being told that your contract has been terminated.