Just because its not happening around you, doesn't mean its not happening. $4.5k/m is less than 45L/year.
To give you some context, the median in-hand salary of IIM-A last batch was 33L. These are mostly freshers with at most 2-3 years of work experience, i.e. 25-27 year olds.
You think in 10 years these people wouldn’t have increased their salaries by 35%?
I don’t think people here realize how much salaries have gone up in India, especially in tech, after the pandemic.