In a concerning trend, 38% of Indian Institute of Technology (IIT) students have yet to secure jobs through campus placements in 2024, a sharp rise from the 20% unplaced graduates in 2022. This significant increase raises questions about the efficacy of IIT placements and the broader employment landscape for graduates from these prestigious institutions.
AR Ramesh, our CEO, discussed this issue on NDTV Profit’s special show with Dheeraj Kumar and Nupur Talwar Suri, shedding light on the multifaceted factors contributing to this slump.
Ramesh said that the current macroeconomic environment plays a significant role. Post-pandemic over-hiring has led companies to rationalize their workforce, slowing down the recruitment process. The rapid pace of technological advancements further complicates the scenario. Even graduates from top institutions like IITs require additional training of six months to a year to become job-ready, highlighting a gap between academic qualifications and practical skills.
Ramesh also emphasized the impact of recent layoffs in major tech companies. The resulting surplus of experienced professionals willing to accept lower salaries has intensified competition, adversely affecting entry-level job opportunities. This trend underscores the importance of aligning academic curricula with industry demands.
The conversation also touched on a report by the World Economic Forum, which predicts that while 85 million jobs may become obsolete due to advancements like artificial intelligence, 97 million new roles will emerge, necessitating a significant focus on upskilling and reskilling. However, the current education system in India falls short in this regard. Only 10% of graduates, 20% of engineers, and 25% of management graduates are deemed employable, pointing to a glaring gap between theoretical knowledge and practical skills.
Despite the overall slowdown, certain sectors continue to show robust hiring trends. Industries such as e-commerce, telecom, engineering, and infrastructure are actively recruiting fresh talent. Additionally, there is a growing demand for skills in emerging fields like drones, semiconductors, and electric vehicles (EVs). However, the skills required in these new-age industries differ significantly from those traditionally emphasized in academic programs.
To bridge this gap, it is crucial for educational institutions to revamp their curricula, focusing on practical, industry-relevant skills. Collaboration between academia and industry can help ensure that graduates are better prepared to meet the evolving demands of the job market.
The reducing number of IIT placements highlights a pressing need for systemic changes in education and recruitment practices. By fostering a closer alignment between academic training and industry needs, we can better equip our graduates to thrive in a rapidly changing employment landscape.
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