OP here. The Indian context is important. We have a massive talent pool (many outside the US just don't know how many engineers graduate yearly (1.5 million!) in India ) and we are not competing with FAANG / well-funded startups. There is a lot of raw talent out there. We know because we have been hiring for a long time. Working with us has been the springboard to well paying jobs and senior roles. What we cannot compete on at the moment (salaries) we make up for with growth opportunities and learning (and this isn't us selling this; we have the evidence to back it up). What we might have is a problem where the raw talent doesn't even know how to make a case for themselves.
What really surprises me is how the numbers havent increased in this day and age where one can realize that the median college (in India) is awful in educating them and they can find what they need online.