Opening for an opening level position

So our small team of 16 in a reletively big market research company posted an opening for a low/opening level position. It's jus' been a few days (not even a week literally). The posting was for an associate at a CTC of ₹3.8LPA.

In conversation with the reporting manager, the update on the posting comes up and the manager mentions that overnight the number of applicants jumped from 150+ to 500+

That is when the current state of our job market hit me - people are willing to take chances with low pay n grunt work posting and companies know that, further incentivising to keep the pay low. As for the quality of the applicants, well only time will tell...