How's the market for Product Manager hiring right now?

I'm a product manager with ~5 years of experience looking for PM/SPM roles. I'm getting calls but most of the TAs quote budget constraints. I'm currently on 28 (fixed) and I'm asking in 36-37 range. I'm based out of Gurgaon so getting most calls from here only.

I'd say I'm at the median, if not less compensation wise. Is it really that salaries have deflated this much for product roles? If yes, what should be a fair ask then?