Despite a lot of saber-rattling by DGCA and one Indian pilot association, the only negative thing I've seen is that it's harder to get a work visa and to renew it from outside the country. Normal attrition* is whittling down the number of pilots, but (at least at my outfit) nobody's being cashiered. I can't speak for expat f/o's, but there were only a handful in country to begin with, and none where I work.

I still see agencies advertising for India, and I assume these jobs are with government-subsidized operators (e. g., Air India). These jobs have substandard terms compared to other Indian / Asian carriers, at least from what I can tell.

* What constitutes normal attrition at foreign carriers is beyond the scope of this thread.