I've worked with Indian developers on few projects. You can get it all. Good devs with solid experience and poor devs with limited skills. Its not a rule. Its the same regardless of the country.
It is not really about the hourly wage, is the amount of work that developer can do in that time.
Not all code is "created equal". It may look right but there are hidden things like performance, accessibility, semantics. If you go for "much lower hourly wage" you may pay the price later.
There are few developers that will go for much lower fees in a market that pays well and has a demand.