what is with companies getting signed “non-compete” agreement? Like in anyway people can’t work directly/indirectly with other similar companies for a long time (~1 year). Why is it mandatory to go through this?

usually depends on seniority and type of responsibilities within job. one can push back and negotiate it down but only you can make the decision whether its a dealbreaker or not

It's a deal breaker for me And I don't want to sign for next 1 year that I can't enter their domain, or competitive companies

I have been working in fintech for last 3 years, multiple startups & unicorns. All had non-competing clause. The thing is every domain as multiple verticals ( in fintech only, I have worked with 4 so far ). For competitive companies as well there are different departments for eg for Fintech A you worked at KYC, Fintech B asks you to build referral system - both are different fundamentally, how can they be competing now? 😅

understable. Problem I see is, they have mentioned tenure of 1 year. And they have specifically mentioned, I can’t work at all in those competing companies, nor even can start a business. For me 1 year is way too long, and I am not at all easily signing something like that. I wanted to knew, what’s the norm for time period, and area of work which agreement covers in other companies

Non compete are void under India. Contract laws. The companies cannot enforce them even if they wanted to. There have been multiple precedents of courts voiding such contracts, going as far as to call right to livelihood a fundamental right of an indian citizen. Non competes are only valid until they employ you and not after contract termination date.