Sorry for your situation VDAFF. As the saying goes..."Tuition comes at a high price.". And for your family it did. I hope you stick by them and provide for them and a make up their deficits for you to fulfill your dreams... you owe that to them.
In the past 3 1/2 years flying in India, I would say that there was very slight minority of F/Os who got in because their Father was either management or a pilot. I've got to say, they perform well above standard. No attitude, report early, eager to learn, and understand the importance of SOPs. Yes, they too had to pass the assessment too as everyone else. Was there a curve in their grades? Were they short listed? Topics for another thread.
The others got their jobs, not because they purchased 500 hours of right seat time, but because of their merits, and abilities.
The more Indians that acquire their CPLs, the more unemployed pilots there will be, until the pool dries up.