It is usual for airlines to raise their mins when there is a surplus of pilots. I would bet that 300 hours will not even get you a second look right now unless you have serious pull inside an airline. It is all supply and demand. Right now its lots of supply and very little demand. I think this will be the way it is in India (much as it has been in the rest of the world) for the next few years at least. If you can find a job teaching or flying smaller aircraft to make your self more competative I would start sooner rather than later.
Jet