Read between the lines
For PICs/DECs IndiGO, Jet, Kingfisher seem to be lowering but I'm guessing will with stay with 300/500 PIC officially. They are all parking airplanes for lack of crews.
For the last year or two that I have been paying attention the airlines requirements have always been 500 PIC on type. The pool of available pilots with this kind of time in type has dwindled.
Now the airlines have moved on down the list to TT experience with a zero hour type rating or just TT heavy/airline/wide/121 whatever experience period.
My guess is that India will officially drop the 500 hours on type requirement within 6 months...barring any major changes to the market.
For FO positions the requirements seem to be all over the board and it is more about who you know and how much you are willing to pay for your training etc.
Good Luck!