They do though. My company hires in India and has had a hard time retaining talent there because anyone with mediocre talent can get western salaries by switching to larger companies than our own.
We've lost a decent number of engineers to Google, Facebook, and Amazon in India.
My company wants to pay roughly $50k USD in India per dev and that's just not enough. They've tried to compete by making nicer facilities and better in office benefits (like a cafeteria) but it's just not enough.
FAANG may offer those devs more than your company will in India but I'd be very surprised if they offer them similar compensation to FAANG devs in the West and specifically the US.
It's extremely level dependent. New grad salaries in India are way below Western levels, but senior talent can command Silicon Valley level packages. People switch companies at the drop of a hat to climb another rung on the ladder, which also makes retention very difficult.
We've lost a decent number of engineers to Google, Facebook, and Amazon in India.
My company wants to pay roughly $50k USD in India per dev and that's just not enough. They've tried to compete by making nicer facilities and better in office benefits (like a cafeteria) but it's just not enough.