I have no idea how practical it would be to hire developers in India but you live outside the country. That's basically outsourcing, or perhaps a remote workplace. Some companies do it well (DeviantArt, Morgan Stanley), some suck at it (Boeing). Lots has been written on outsourcing, I have little to add to it.

However, I didn't mean to imply that you personally need to stay outside the country. It's unlikely you will be harmed - India isn't Russia, after all. I just meant that corruption is rampant and you should plan your business to minimize the impact.

As for IP theft, IP is probably about as secure as anyplace else (i.e., not very). How can you prevent `git clone ~/src/important_startup_code /media/usb`? Banks use PS2 mice/keyboards and put glue in every single USB port, not to mention paying for a massive surveillance infrastructure. Good luck with that.

The primary risk unique to India is that the courts are worthless. You can't get an injunction to stop them from building their own startup with your code, all you can due is sue and maybe win in court in 20 years (unless they bribe the judge).