"am not sure this will be possible because as per current rules of DGCA all expats have to be phased out by 2013 or so. its true this date has been advanced a few times, however you would be running on fumes if you hope it gets extended all the way till 2021."
I think this rule will be extended again & Expats will be stay for as long as there is a need for it. The airlines will always get their way with DGCA in India.
Plus the retirements are not going to hit USA & Europe alone, there are Indians Captains also who will be retiring soon & there are a LOT of them.....
Right now the airlines in India are way behind the curve, they can't even train enough Captains to staff their current operation, how will they staff the expansion & growth...
But again, no guarantees.....
I would say come to India with an open mind & be flexible, Learn to bargain & don't feel ashamed to haggle & you will do just fine.
While you are here, enjoy & save, who cares if you will have to go to a different country after 3 yrs, you will get to see a new country......
Just my 2 cents, FWIW....