My understanding was that the tax situation is not good for salaried work, but Tech workers primarily use limited companies to make it much more comfortable; many of the loopholes that have been closed in e.g. the UK with IR35 are still open.

At least that's the reason I've been given every time I've tried to take a contractor permanent!

The taxation may be worse, but the cost of living is still uniquely low. So the same market salaries will actually go a lot further on a purchasing power basis.

Calling India a success story feels like a bit of a stretch compared to the better known Chinese case, or indeed Eastern Europe itself. They still have huge scope for further improvement.