Agreed. "Hordes" doesn't equal "best". But in any large population (e.g 700,000/year), you are bound to get some pretty good ones.
Intel develops key mobile tech in India
http://www.freerepublic.com/focus/f-news/1555431/posts
As with any knowledge-based industries, quality, rather than quantity, of engineers is crucial. Of those hundreds of thousands of 'engineers' India and China graduate each year, a couple of hundred good ones is all that it takes.