1. "out of college". I'm sure you can figure out how to interview new grads and identify good devs.
2. They are not. FAANG in India pays higher than what I quoted. My senior numbers are especially on the lower end of the spectrum. If your numbers are lower then you aren't working with good devs.
These are the numbers for good devs. The ones who get into great startups/companies. 95% make less and it shows in the quality. Infosys pays new grads 4000 USD/yr.