I've had private equity people tell me prior to the pandemic that if a job can be done from home, then it can be done from India. It basically makes sense to me. I know the common rejoinders about time zones (which ignores that there are plenty of cheaper countries south of the US) and culture/language, but I suppose we'll see if the FAANGs can overcome those issues; many companies have gone before in this regard.
It's one of a few reasons I prefer in person work.
Cheat code: most engineers in India will agree to work US hours if they're compensated accordingly. "Compensated accordingly" is still well below even the lowest US engineering salaries, and still in the top 1% income percentile in India.
For small companies it can be hard finding the "right person" and retaining them remotely in India - but for large companies they've worked out many of the kinks and issues and it's quite powerfully productive now.
Anyone who ignores that is falling victim to "how it used to be" not "how it is now" - just like the American car manufacturers who slept on the horrible but improving Japanese manufacturers decades ago.
But this doesn't make sense because there's been outsourcing for over 20 years by now and this is clearly not true. And having somewhat better tools for teleconferencing doesn't materially change the situation.
It's one of a few reasons I prefer in person work.