As someone who runs a niche dev shop in India (not the kind that you describe though), I have found that new work has been hard to come by since last 6 months, especially for services like ours that are on the premium end. Even the general consensus around my network is the same.
The Indian dev "market" was pretty much commoditized during the pandemic, which prompted us to move our focus away to niche that could still pay premium for high skills and outcomes. It seems that rest of the market hasn't changed much even in this time. I can't speak for the job seekers, but the number of job applicants applying to us have risen sharply over last 2 months or so.