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More information here - overseas qualified lawyers are exempt from the training requirements and only have to pass the exams: https://www.sra.org.uk/solicitors/qualified-lawyers/qualified-lawyers/
@2: Makes no sense - the process has always been harder for overseas lawyers under the QLTS process. Domestic lawyers have to do their LPC and training contract. LPC exams are difficult but not as expansive or stressful as the QLTS. Overseas lawyers have to do the QLTS process (even if they're trainees at a UK firm). The SQE is actually making it harder for domestic UK students, because they now have to go through the same process.
@3: That was the case under the QLTS regime as well. Don't know how that makes it tougher.
@1: This does not impact employability at all. This is just a change in the examination system for qualifying as a solicitor in England and Wales.
Your skill set and its transferability, your academic credentials and Indian work experience will matter. Your interviews will matter. Most importantly, UK firms have major regulatory headaches with respect to hiring candidates from outside the UK, including sponsoring your visa. That is the primary reason for the limited Indian pool at firms there. Only the big US firms and Magic Circle firms are willing to sponsor candidates.