“Beta, Naukri Mili?”
“Nahi Mausiji, aaj bhi kuch nahi hua!”
This conversation has become regular in every street and locality of India. Recently a study proved that almost 60% of engineering graduates are unemployed. This is a saddening situation especially when the Prime Minister Narendra Modi had promised to generate 250 million jobs over the next decade. Going by the statistics, it is observed that for one job there are at least 20 candidates. Now, a ratio of 1:20 is not a pleasant sight. The question is how can the Indian economy overcome this situation before it turns into a crisis.
Well, the only ray of hope in this darkness is ‘STARTUP’. Based on a survey it was found that 50% of young Indians prefer to work for a startup instead of large corporations. That is in itself a well defined statement showing the belief people have towards startups. Basically, it is re instilling the trend of self-employment back in the Indian economy. It’s not difficult to find a job in the startup ecosystem provided you have the desired skills. And if not this, get a business idea that is different and benefits the population of India and get started.
But there’s is another side of the story too. Not all startups succeed and seeing the recent layoffs by startup giants like Snapdeal, Flipkart and Zomato it creates an insecurity in the minds of the people. The 2 suggestions mentioned below may help in re instilling people’s faith in startups and maybe help in generating employment:
If the unemployed youth of India is given a proper training and also provided with all the information he/she needs to come up with a startup. Basic training in entrepreneurship makes them confident to start their own business and ultimately beat unemployment.
Even if many individuals have a degree, it is observed that most of them do not know much about their field. This in turn leads to hiring of the incompetent while the skilled labor is toiling hard to find a job. It also creates an impact on the startups making them run out of business. It is a vicious cycle. So not just knowledge but development of skills is also essential. This will automatically solve both the problems – the problem of unemployment and the instability of startups.
India has maximum number of its youth population in the working group. What remains to be seen is whether like Japan and Korea, India too can harness the power of the youth in its development or is it going to turn into a liability for the Indian economy.
Stay tuned! Pick My Story will be back with latest news and updates on startups.
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