When is this horrible time of recession, layoffs and hiring freezes supposed to end!?
This uncertainty and terrible job market has been going on for so long and keeps getting worse day after day. It sucks to not be able to get anything decent even after cracking jee, doing internships, dsa prep etc etc. There simply aren't any decent opportunities. It's one thing to get rejected due to lack of ability and another to be in a situation where companies are just not hiring!

I concur and think we might be right in the worst time of the economic crisis. I have the same problem as you for my employment and I see how hard it is to get anything decent.
I'm going to refuse a job in China in my field because despite the salary being better than the minimum local it's not interesting enough for me to move. And I got a few other interviews during which I could clearly see they were reluctant to hire me just because they don't want to pay a full salary to someone, even tho the salary isn't high at all (they'd rather hire you part time or as a freelance with who they can cut time any time)
My advice, take something in your field during this harsh period of time to get something on your resume, so you can access better when economy stops being so bad.
Do you code for a living? If yes do you have any suggestions for stacks you think there will be a good demand for in the coming years? Machine learning is certainly one thing.
Well, I am a software engineer currently handling backend, API and devops here at Spyke.
In terms of tech stacks, Spyke servers are written in Go (migrated from NodeJS due to performance issues) with a GraphQL API. The front-end is mainly written in React.
In my opinion, the JavaScript/Typescript stacks are here to stay (kinda like how PHP still exists) so I would recommend learning that if you're entering the software or web development landscape.
Python or R for data science/ML is a great choice.
In terms of compiled languages, I recommend Go or Rust. Pick your poison. Java is pretty performant but I prefer Go for it's simplicity.