Are Indian Jobs Underpaid, or Are Most Graduates Simply Not Valuable Enough to the Market?

Every year millions of students graduate from colleges across India after spending years studying and paying tuition. Yet many entry-level jobs still offer salaries around ₹20k–₹40k per month. Some people argue this means companies in India massively underpay employees. Others argue the market simply has too many graduates with similar skills. So the real debate is: Are Indian companies exploiting workers, or are we producing more degrees than the market actually needs?