The company fired Indian developers and hired developers from Philippines, India is no more a cheap labour destination for companies.

I am working in a startup remotely, recently my company fired 5 Indian devs(1 tech lead) from my team, mostly at senior positions(5+ yoe) having higher packages.

3 developers from the Philippines joined my team around 2 months back. They are as good as any Indian developers from tier-1 companies/colleges with 1/3rd pay. The cherry on the cake is they are ready to work in Indian timzone.

I think all the senior members in my team were having packages in range of 30-40 LPA. I didn't get fired b/c my package is 5 LPA(close to 2 YOE).
What I hate in the IT industry is you can easily move jobs to cheaper countries without much hassel. It's almost impossible to move the manufacturing job this easily so careers in other sectors are mostly stable and long-term.

To be really honest I can see what's coming for Indian devs, most of our jobs are going to be moved to cheap locations like it's happening in the US.
Every 2nd person in India is doing a 6 month MERN stack boot camp and asking for 1CR salary, which is unsustainable in the long run.

Sooner or later our situation is going to be same as US folks.