Yes, this is common in India too. In fact, companies like TCS, etc are called 'mass recruiters' who recruit in bulk. There are satirical YouTube videos about them hiring by the kilogram. They hire indiscriminately, pay crap, in the the next 6 months people undergo on-the-job training. Some are kicked out, some are moved to better positions and offerings and the rest are contracted out to run-of-the-mill projects.

Back when I was graduating, we had TCS come to our Tier-I college. The recruiter started off by telling that the salary they will be offering was 250,000INR/yr (then about 7K USD/yr) and that those who found it too low were free to leave. About half the class walked out. The rest stayed, most were offered a position.