The situation looks bleak for job seekers in IT and BPO sectors with tough days ahead for Engineering and MBA students on the job front.
“Days for big recruitment sectors such as IT and BPO industry are over and there would be no mass hiring industries in India in the near future,” All India Council for Technical Education (AICTE) Chairman Anil Sahasrabudhe was quoted as saying by a TV channel.
“The job scenario in large-scale industries is stagnating but small and medium enterprises hold out hope,” he added.
According to a new survey, the IT and BPO sectors have seen a steep decline in job offers. The IT sector registered a 32 per cent decline in job offers, while the BPO sector was at 30 per cent.
As per that survey, in the overall job market, there was an 11 percent dip in new jobs for those with 0-3 years’ experience in May compared to April 2017.
“Jobs will now be generated outside the main sectors such as ancillary sectors and startups,” Sahasrabudhe added.
While the Oil & Gas sector also witnessed an 18 percent decrease in hiring, Pharma sector was down by 1 percent.
The AICTE chief had a word of caution for the pharma sector, saying that the recent surge in education in the sector is like a bubble that may burst in the next two years like MBA and B-tech courses.
“Since almost all the seats in pharma were getting filled, people thought that there is a big demand in that sector and therefore they applied for more colleges this year. However, these will also have the same fate as management and engineering in the next one or two years,” he added.
Other industry veterans and leaders also predict a grim future on the job front and warned the unskilled youth of the country.
CP Gurnani, CEO & MD of Tech Mahindra said that 94 per cent of engineering graduates were not fit for hiring, while TV Mohandas Pai, Chairman of Manipal Global Education, claimed that the country has 10 crore people in the 21-35 age-group with bad skills, who are unsuited for the economy.