It's hard to ignore the siren song as a business person of comparing your 300k a year engineers to a senior engineer that costs $80k in India (regardless of the potential hidden costs of cultural and time zone differences). This gap should probably narrow as more remote work becomes normal, and more people move out of the Valley and can actually live decently on 150k, rather than 300k.
Why should those engineers be paid $150k if they're generating more than $300k of value? For that matter, why should an Indian engineer be paid $80k if they're generating $300k of value minus whatever hidden costs you want to assign (surely not $220k)?
The engineer is paid less than the value they produce because they don't assume any of the risk. If the product they produce turns out to be worthless or break, they don't have to pay their salary back.