That sounds similar to my experience at a financial company a few years ago (2010 - 2014). The pay in Hyderabad for devs was in the $10K - $20K (USD) range, with most around the low middle of that. These were offshore employees, though, NOT outsourced contractors.
Keeping devs who learned something met with mixed success. On the one hand, the salaries were at least market rate for devs, I think, but management still offered the real Rs.
Keeping devs who learned something met with mixed success. On the one hand, the salaries were at least market rate for devs, I think, but management still offered the real Rs.