I think you have covered most of the factors already but I wanted to recount my experience here to give everyone an idea of the kind of Indian programmers who get hired.
I used to work for a MNC who had an office in Bangalore and had good relations with most of the senior staff. After a while I joined a start-up (which kind of became successful) and my salary went high pretty quickly. Fast forward 5 years - I get a call from the GM of my business unit (who had become the VP by then) who asked me to join the company back and offered me 20Lpa(Lakhs per annum) when I was already working for 24Lpa. He just couldn't reconcile with the fact that my salary had become more than the people who went for on-site visits by staying in the same company. I had to politely refuse.
I used to work for a MNC who had an office in Bangalore and had good relations with most of the senior staff. After a while I joined a start-up (which kind of became successful) and my salary went high pretty quickly. Fast forward 5 years - I get a call from the GM of my business unit (who had become the VP by then) who asked me to join the company back and offered me 20Lpa(Lakhs per annum) when I was already working for 24Lpa. He just couldn't reconcile with the fact that my salary had become more than the people who went for on-site visits by staying in the same company. I had to politely refuse.