Currently, the Indian youth is overwhelmed with three big issues. The first one is Baahubali 2. Since its release, the movie has been literally ruling the box office, and creating numerous records. After a long wait of almost 2 years, the Nation got to know “Why Katyappa killed Baahubali”. No wonder, the Indian youth is mesmerized with this Magnum Opus.
Baahubali 2 & Sachin: The Billion Dreams (Image Courtesy: Koimoi)
The second one is the soon to be released biographical docudrama of Sachin Tendulkar. Sachin has termed as the Demi-God of Cricket, and is one of the most popular sports person ever born in India (and maybe world). No wonder, the youngsters are eagerly looking forward to this movie. Although, Sachin: A Billion Dreams is not a full-fledged movie (unlike Dhoni the Untold Story or Azhar), rather a docudrama. But, given the aura of Sachin Tendulkar, this movie will create some stir.
However, neither Baahubali nor Sachin is the centre of attraction of this post. I am going to emphasize on the third aspect that has been bugging the young Indians for quite some time – Career Growth and Job Uncertainties.
Technological Disruption & Sluggish Global Economy Slowdown the Indian Job Market
According to the Economic Times, job opportunities are expected to be less bright in April-June quarter than they were a year back. Indian companies are struggling with increasing technology automation, global business uncertainties and skill shortage in nice areas. “The hiring outlook will move at a slow, but steady pace,” said AG Rao, group managing director of ManpowerGroup India. “Despite the market volatilities, India’s macroeconomic fundamentals have improved due to a combination of various initiatives focused on job creation and skill development, with a continuing emphasis on ease of doing business.” Hiring is at its weakest in over 11 years in India, as reported by Forbes India. There are various reasons for this market slowdown. However, one of the key factors has been the heavy downsizing of the information technology (IT) sector in India.
Heavy Downsizing of the Indian IT Sector
At present, the Indian IT sector is going through a very rough patch. After the H1-B visa crackdown by the US President Donald Trump, the Indian IT sector has been going through turmoil. IT companies like Infosys, Cognizant and Tech Mahindra have announced layoffs. As per the experts, this trend will continue for the coming two years. According to the recent report by McKinsey India, the IT sector in India will lose 200,000 software jobs per year for the next three years.
Tough Times Ahead for the IT Sector in India (Image Courtesy: Livemint)
However, the blame cannot be solely imposed on President Trump, or any other external factor. The recent study by Aspiring Minds, an employability assessment company, 95% of IT and software engineering graduates in India are unemployable. The study found that only 4.77% graduates can write the correct programming codes, and only 1.4% can write code that is functional and efficient. More than 60% of students cannot even write a compliant code. According to Varun Aggarwal (CTO and Co-Founder, Aspiring Minds), the lack of programming skills is affecting the IT and data science ecosystem in India. If the trend continues, the IT industry in India will lose 640,000 jobs within the next 5 years.
Lack of Employable Skills Among Engineering Students and Graduates in India
The year 2016 was a year to forget for the Indian startups, especially the e-commerce ones. There were major layoffs within the startup space in 2016. As per the Economic Times, campus hiring will be slow in 2017. If hired, the compensation and remunerations will be on the lower side too. This is going to be a tough time for the Indian IT sector, as quoted by the CNBC. Hence, it is indeed a serious time for the high school students (who just started thinking about choosing their career paths), soon to be graduates and the employed workforce in India.
Also published on Medium.