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Indian IT industry is/was under pay compare to other countries but during COVID everything cleared and client understand their work can be done from anywhere though with the same amount they can get good candidate even they don't have to spend money on infrastructure. So it's win-win situation for them. The main loose for the Indian service based company who earns more before COVID but now they see a bunch of people leaving because they gets the good opportunity and pay outside of companies.
So it's not a bubble, it's a correction and I hope in upcoming year India will be not the underpays country anymore.

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I agree to some points but the trend is not going to continue. IT folks in India are getting way higher than other engineering folks or other grade A jobs.
Within 2-3yrs, supply will boom and no dearth of talent would lead to either layoff or reduction in packages.
Also, majority of folks in Industry can easily be replaced by a good techie fresher / 1yr exp folk.

Bubble might burst anytime

Okay my friend but in current environment too I m seeing people are getting new jobs with similar kind of numbers. Yes number of offers r low

Bubble or correction?

Eventually old people will be forced to move out. So this salary will be the trend to attract juniors.

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