Here is my suggestion as I have been receiving many queries of late regarding the same.
A type rating is nothing but a pure gamble of your money. I have seen CPL holders recruited through CPL vacancies. I have seen CPL holders go all the way through final round , did not clear the final round and then do a type rating and get hired somewhere
While its true that there were more type rated vacancies than there are CPL vacancies , do not be under the impression that the recruitment process is going to be any easier.
You are expected to be good at both your CPL level stuff and the type rated stuff. This would require someone to sit and study both topics every single day till the day you get that job.
Also its going to cost couple of lakhs or more to keep renewing the IR and PPC checks every year ( the more you delay renewing the IR the more its going to cost you )
The recent GoAir ad requires pilots to be current on type. Their exam ad says the written test will be on A320 Technical and General CPL level stuff
A lot of people I have seen underestimate the amount of effort it actually takes to sit , study and prepare both CPL and type rated simultaneously
This is especially true for candidates that have family , jobs or businesses to look after.
Also all airlines these days conduct some form of psychometric test. Nobody knows what it takes to pass these psychometric tests unless you have studied psychology and have inside information on the character profile they wish to hire.
Please keep this in mind as well...
My suggestion is only go for a type if your CPL level basics are thorough and profound. Pass those ATPL's first.
Before going through a type rating get hold of some CBT or FCOM's and start going through them.
As long as the economy dosent tank or oil prices dont shoot through the roof or the Indian rupee does not devalue agains the dollar rapidly... there should be plenty of vacancies for both type rated and non type rated
Just make sure you understand the risks involved before going for one
P.S -
@ VT-ASM
Let me see if I can identify the 4 airlines that pay for a type rating
1. Air India - The last Air India vacancy for CPL holder the type rating cost is borne by AI. Although the cost of the type is deducted from your salary thats still better than having to pay upfront
2. AirAsia - AirAsia did hire some CPL holders who were working as employees in other departments. Their type rating and all expenses during type is completely paid for by AirAsia. From what I hear they intend to keep it that way.
3. Vistara - Vistara too has so far paid for type ratings and they intend to keep it that way as well considering the other TATA subsidiary is doing the same.
4. Blue Dart - Blue Dart has recruited mostly experienced pilots i.e flight instructors but has always paid for the type rating