The situation in India as elsewhere when it comes to contract flying is purely supply and demand. When I was hired by Spicejet in early 2007 on the B737NG they were hiring folks with zero time in type as Captains, provided these guys had other PIC experience. When the applicants with time in type are plenty, then the requirements are hard. Once they have no one applying, they soften them. For a LHS job in India or elsewhere if you have other jet PIC time, there is always a "chance" that you might get picked up. You will have to fly with a check pilot for a month or two to get the required hours on type. I am told that SG has a bunch of guys hired recently who have no NG PIC time, but have plenty of PIC time on the B737 Classic.
I think the market will open up again for PIC jobs. All the U.S. age 60 guys who came to India will be retiring in the next 2 years. That will dry up that market segment. There is now some movement and hiring in the U.S. and as long as China, and the M.E. keep offering better pay packages with commuting options, there will be jobs available.
I enjoyed my almost 4 years at Spicejet. They still have a great bunch of guys there. Their weakest link in my opinion is the HR DEPT.