Has the recession (USA) really hit the IT job market in India?

Just some months back during covid, crazy salary figures were offered as relevant from Fishbowl posts.
Eg 4-5 years in a couple of tech stacks grabbing 35+ lakh as a package.

Now as read in articles
- Contracs are not been renewed as have to retain permanent employees
- Campus offers are put to hold

1. What's the current scenario with a switch?
2. What about the joiner who came at high packages?

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