A reductive view that isn’t quite correct. In a healthy job market there should be a smooth range of work in a field from lower value and lower pay up to higher value and higher pay. An uneven distribution means there are companies who struggle to justify the salary demands of an overqualified person because the work or the business model supporting the work doesn’t benefit from the surplus of value that employee brings. There’s nothing wrong with being that kind of company. In time the median skill level of Indian engineers will increase and solve this.