A few Indian Capts might also think about leaving India as well for the tax free jobs offered in the Middle-East, being only 3 hrs away. It's the same expat package for them that is being offered to us here. For non-commutable contracts they would have to move their families there. But they won't be the "King of the Hill" there.
Airlines here are under a lot of pressure to upgrade first-ofiicers when they meet minimum requiremnts. Like any airline anywhere in the world, there are the good, the bad and the ugly. Hopefully we wont have too many of the last bunch in the seat.
Fortunately aircraft today have become safer and easier to fly (fewer failures, automation, moving map etc). If they were flying the old DC-8 50-70 series aircraft or B720/707/727 with 300 hr pilots I would be quite worried!