Why is it fair to subsidize people to live in high cost of living locations?
That would be just as lopsided and unfair to your remote workers as paying them all market rate, so that your employees in developed countries get paid $80k per year and your employees in India get paid $8k per year.
Or do you expect your developers in America to relocate to India?
Would you pay more money for the exact same product made in a different city? How is hiring developers different?