What happens to those 1.5L students/professionals? Scares me everyday.
What does unemployment around you look like? Or if not around us, for people trying to come out of Tier 2/3 towns. These mass recruiters (behemoths like Capgmeni & Cognizant + TCS Infosys) are actually the gateway for many into a city life. In the absence of it, it's scary to think what they're up to.
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The new generation would rather be jobless than accept a job offer that pays 🥜🥜 (3 lpa). It is scary, but it also gives these corporate companies a chance to pay better.
We probably will see an unprecedented economic divide in this country going forward if the unemployment rate stays this high. And we know for a fact the government has tried to suppress this number to paint a rosy picture
Even if you bring the most honest and competent government, our economy will collapse one day in near future. Overpopulation and unplanned families are root causes of most of our problems.
@BearMoody As a libertarian, it certainly looks so to me, too. Do we have some data to back that claim up though?
IT firms wanted to normalise single digit appraisals and 20-40% hikes in lateral hiring. Additionally, less IT spending in US/Europe impacted the job market as well. It always happen in some shape n form in every 4-5 years. When this downfall ends you will again see jump in hiring and companies finding it hard to retain employees. Till then focus on your skill set, stay away from social media as it will make u lazy, focus on your health and be patient.
People like u r blessings in this negative world
Every profession has a surge in demand and then a saturation point. Is this happening in IT as well? I also think the colleges/ Universities will have to focus their syallabus more towards AI/ as per the changing industry demands etc.
I don’t think it’s about AI honestly. It’s just a supply vs demand issue as simple as that. People have overhyped ai like anything. Students need to understand that now they would have to be in that Top 5% category to get a decent job simply because of the competition.
Relax guys. 1.5L less hands means only 75k less people
- Short term effects: All jobs turn precarious as there is always someone to undercut and replace you. Wages and incomes will get suppressed at the lower end.
- Long term effects: Social and political problems, rise of populism, crime, scams etc. We will be lucky if we suffer what happened with Japan, just because it wasn't violent. An entire generation wasted by hikikomori, being trapped inside their houses doing nothing of value with social isolation.
- Rise in consumer bad debt: When consumer debt rises due to rising incomes and std of living that's very desirable. But what might happen in India that most households go into debt just for the survival mode. We might see a rise in subprime debt & payday loans with high interest rates (>80-300%) debt trapping the majority. This will lead to wealth transfer from poorest to the rich.
- Rise of Detroit like cities: Indian cities are currently much safer than US ghetto cities like Baltimore/Detroit/Chicago due to less guns and some fear of police, good agri economy. But we might start seeing city unable to fund police leading to some Tier 2 cities rife with gangs
Sorry, had a bad day at work, so kinda just went all pessimistic with shit.
Modi hai To Mumkin hai 🌹💐
Very few get into IT out of passion for it. Maybe they will end up where they are suppose to. Or maybe they’ll resort to gambling or such. Your guess is as good as mine. On a macro level it will surely reduce number of consumers.
Even if someone gets a job, not possible to work beyond 35 years for majority of workers as every company wants max 5 years of experience.
I graduated in 2021 and most of my friends got placed.
Now few of them were laid off. They are working in family business or preparing for government exams.