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Since I have first hand experience about my friends living, let me explain.
Yes, workload is higher in India. 10-12 hrs is the norm not 16 hrs as you said. For some offshore projects, if they have conf. calls, they do stay late but come late to the office. (The 16 hrs put in are mostly single guys who are entry level developers as they want to learn, etc.)
But if you worked for a Big 5 consulting, etc., in US the travel eats a lot into a person's time and the hrs are comparable or sometimes worse to what they are doing in India.
As for global travel, most are off 2-3 weeks at a time possibly once every3-6 months which they dont feel bad about. Also, when they joined the company was made aware that they would not undertake overseas assignments (which in fact makes the co. a lot happy because these guys want jump ship when the chance arises).
As for daily life, they have servants, drivers, etc. Dont compare an educated well to do rich IT guy with the average Indian. Paying bills, etc., etc. are all delegated to a servant. Also, one is employing others (though household work) and helping their living. Though there are some posts here stating it as slavery, etc., the truth of the matter is most of us cannot afford one in US. If we can, we will certainly do. Who really enjoys doing household work, grocery shopping, running errands, etc. which takes a lot of time in US. There are Indian families here who use nannies if both spouses work because they dont have an alternative.
The other thing is most Indians in US do not live a lifestyle according to their incomes and are big penny pinchers. Compare the lifestyle of an Indian and American making $100K in US. It is very different. But in India, the guys making Rs. 1L /month do live a far more luxurious life compared to the $100K making Indian in US.
But then every one has a different opinion and perspective. The reality is India is having an upswing and US is having a downswing, economy and society wise.