In last 5 years, the biggest concern irking the rich and poor alike is the lack of good jobs in the market. Youth with degrees from reputed institutions are bewildered as to how they are supposed to make ends meet. The graph of available jobs has underwent a steep decline in last few years owing to some of the disastrous policies adopted by the Central governments and then emulated by the State governments as well.
It has become extremely difficult for the young people to repay the loans they have taken to complete the studies in the hopes of suitable jobs. According to the International Labor Organization (ILO), India will again see its unemployment rate at 3.5 per cent in 2018 and 2019, the same which was seen in 2017 and 2016.
One of the biggest reasons is that Indian institutions fail to provide quality education to their students despite charging high tuition fees which makes them unemployable. The institutions might be high in number but they lack the quality and fail to deliver on the results according to the global standards.
One hurdle that students face while hunting jobs is lack of communication skills despite possessing suitable subject knowledge. The institutions need to work on imparting knowledge that nurtures students according to market demand. In India, the terms education and employment are not correlated anymore which is further adding to the plight of the students.
Prime Minister Narendra Modi, when asked about unemployment, commented “If someone opens a ‘pakoda’ shop in front of your office, and he earns 200 rupees every day, does that not count as employment?” It begs the question whether unemployed engineers are supposed to sell eatables on the road to make ends meet. This statement by the Prime Minister was bewildering to say the least but it also sparked the debate whether we lack the employment or the job data? It is also astonishing that curbing unemployment was a key part of the election manifesto of Bhartiya Janta Party (BJP) at the time of Lok Sabha elections in 2014 and now it has realized in the last year of its tenure that we lack adequate job data.
Whatever job data is available is not promising either because according to Centre for Monitoring Indian Economy report, unemployment is at a 27-month high in December 2018 and India has lost 11 million jobs in this year alone.
As per World Bank, India needs to create 8.1 million jobs per year to counter the current unemployment rate in the country. Moreover, it is essential for Indian society to embrace innovation and progress as Indian society inherently tends to adhere to its regressive customs. In the age of globalization, no country can survive in a cocoon of its own glorious past, it is time to not only participate in the globally acclaimed pedagogy but also excel at it.
This formidable scenario is hollowing up the nation in two different ways. Firstly the educated youth are unable to get a suitable job despite having adequate qualification. Secondly, the highly efficient students with a potential are abandoning Indian institutions and choosing to study abroad like in Australia, Canada, UK etc leading to a huge brain drain. When the best brains of our country are moving out to serve the foreign corporate, it is needless to say that this is creating a devastating impact on Indian economy.
From Google to Microsoft, the top administrative positions in these companies are held by Indians, only because India was unable to reward them appropriately as per their qualifications. Indian diaspora needs to introspect and take critical measures both in studies as well as in their support for political parties that focus less on communal agendas and work more for the development and economic growth of the country.