True, but there has been a big startup-led divide betwen the "offshorting IT engineer" and the "product engineer" salaries. The gap between the two can be 400-1000%.
i think a lot of firms believe they can keep quality (by hiring 'good quality') engineers in india and save money.
as anyone who has actually been at a place that tried this knows, it's probably not true. and for the time when it is true, you need very good information on the talent, and experience on how to set up your product/engineering teams.
and then it still won't be as cheap as you expect.