More generally, good developers don't work for outsourcing companies.

Yes, that's what I meant when I said they are rare are companies like Capgemini and Cognizant because of low salary

Its not just low pay. A friend of mine employed a developer who was a senior at WiPro earning over 1 lakh per month. He was employed for my friend at a junior developer salary simply because he was sick and tired of writing random throw away code. This developer finally wanted to gain some real skills, work on a real product, and took a huge pay cut to come to start working at a product based company. So far he is doing pretty good.

Largely because the management gravy train is yielding fewer returns year after year for a while.

There are people, especially who can't play the poisonous political game for too far that their mileage is limited to a point. These people have to retrain themselves with some hard hands on skills, or will suffer at the next purge.

Same thing in product companies too.

Read my other comments. Management fanciness is Indias national culture.