Jobless India

India‘s corruption ridden economy has become a huge problem for its youth. During the credit fueled Lehman days, the Indian economy was growing at 8 plus percent and the corruption did not matter as new sectors opened up providing jobs for graduates. But now the economy is in a rut and the corruption is doing as well as ever. Most of the growth is happening in corruption ridden sectors which have little use of white collar or blue collar workers. Most of the value addition happening in the economy is accruing to the bureaucrats and politicians who are stuffing billions of dollars of ill gotten black money. This is being stashed in gold and real estate. The employment in the country has plummeted and even the most elite college like IIMs and IITs are finding it hard to get decent jobs for their students. The future is not looking bright for the youth in the country and this explains somewhat the popularity of Narendra Modi and Arvind Kejriwal.

It is a sorry state where a graduate engineer in the country is landing with the same salary as a housekeeper these days. Salaries have become so low that they can’t support a decent standard of living. Contrast this with corrupt politicians who are sitting on millions of dollars of wealth. The most glaring cases of corruption like A Raja, Raju etc. remain out of jail, despite it being proved that they indulged in massive fraud. Read some instances of how our country is going to the dogs:

ET

Barring top-rung institutes like the IIMs, most business schools are in for a lean placement season, along with a similar dip in the number of students opting for fresh admissions, said the study by industry body Assocham. Moreover, the salary packages which are offered at B-schools and engineering colleges are also being curtailed by 35-40 per cent as compared to last year, the study revealed.

NDTV

A CPI(M) leader in Marxist-ruled Tripura who lay on a bed of cash withdrawn from his own bank account to fulfill a long cherished dream, is in deep trouble with his party.Jogendranagar committee member of the CPI(M) in Agartala, Samar Acharjee, a contractor by profession, was shown lying on bundles of currency notes on television footage.

Consumer Goods Sales fall to 10 year low

Sales of consumer goods slowed close to a 10-year low, suggesting that Indians are making deep cuts in spending and preparing for things to get worse before they get better amid high inflation and an economy that’s yet to show any sign of revival.Companies meanwhile are torn between the need to raise prices due to escalating raw material costs and putting a bigger squeeze on margins to somehow spark a revival in demand and stop customers from striking more items off their shopping lists

Confidence of 800 million youth sinks as jobs dry up in torpid economy

Three out of four young Indians reckon the economy is worse now than it was after the 2008 global crisis. More than half say it’s the worst time for job-hunting. Nearly 60% are postponing decisions like buying a car or a house or starting a family. And more than 40% would take a pay cut if that improves job security. These grim statistics are from a CII survey of young Indian professionals and entrepreneurs in 28 cities, conducted for ET.

The following set of numbers shows the young have read the grim job market right. Andhra Pradesh has over 700 engineering colleges and 3.5 lakh seats – the highest in any Indian state. But just 2 lakh seats were filled up this year. Why? Because just 20% of the class of 2013 have got jobs. When young Indians give up the chance of getting an engineering degree, you know there’s something very wrong. Those entering the job market with engineering degrees or MBAs or other professional qualifications are confronted with employers shifting preference from new hires to those with some experience.

The swelling ranks of educated unemployed can spell trouble. Ajay Jain, commissioner of technical education in Andhra Pradesh, says thousands of engineers going jobless every year can become “a major crisis” in two-to-three years.