Dear CJ Patel,
As of now, there is no such rule that stipulates some percentage for hiring local for IT industry or any other industry.
Secondly, how to define who is "local"? What if the person has studied in some city for the years together but does not know local language? Will that person be "insider" or "outsider"?
Getting right-skilled persons is a huge challenge. Amidst if these parochial rules are brought, then running an enterprise will become almost impossible.
Thanks,
Dinesh Divekar