I have always told and canvassed that one should try to make their next generation educated in the stream which has a future scope either with “Gyaan” or ” Jaanpehchaan”.
Engineering, once a favourite professional qualification in 1990s with focus on Civil Engineers and then Computer Engineers and then Electronics Engineers, has lost its charm now since the next age is of Wealth Management and Financial Planning (However that too if one is practically Knowledgeable)
USA produces around 1 lakh Engineers per year for a $ 19 Trillion Economy. India produces 15 lakhs Engineers for a $ 3 Trillion Economy.
If there are so many Engineers in india, there must be enough demand to pull them in. But it is not there.
The earlier mass recruiting sector was Manufacturing. It used to recruit from the core branches like Civil, Electrical and Mechanical. But, Manufacturing is stagnant at just 17% of the GDP and there has been massive growth in the Services sector.
So the core branch placements have become very difficult.
The new mass recruiter is the IT sector. It grew from scratch to almost 5% of the GDP in 25 yrs. IT Employed millions of Computer and Electronics engineers.
Now, IT has also come to a point of saturation….Only Skilled IT Engineers are in demand….and that too from few Top Colleges!!
If you look at the sectoral composition of Indian economy, most of the sectors do not need engineers.
Tourism is 10% of the GDP, does not require engineers. Similarly, Financial sector, Trade sector, Hotels and Restaurants do not require engineers. Requirements in Health, education, Agriculture is almost negligible.
More than 50% of the GDP has no role for Engineers. Still most of us are becoming Engineers. The current situation is not sustainable.
So the demand is less while the supply is high. Over and above this, skill level of an average engineer is poor. I say its non-existent except if produced from Branded few!!
Today the situation is that most engineers are working in a field that has no connection to what they have studied in the college. This is a waste of resources.
Engineering degree does not come cheap. It costs about 10-15 lakhs. For poor parents, its a huge burden. When their kid is not able to secure a job, they are devastated.
For the nation, you can calculate the loss. Leave around 1 lakh engineers that NASSCOM says are employable. The rest 14 lakhs have each wasted 10 lakhs of fees. That totals to around $ 20 Billion. Almost equal to the Government’s spending on healthcare. Over this, there is loss of human capital and growing dissatisfaction amongst them.
We need to replan the whole engineering education system. Cut down on the number of colleges and improve the quality in the rest.
Also students should explore other career options than everyone becoming Engineers…
If one has become an engineer, I guess it is important that they also work upon sharpening their practical skills and gain degree in Financial Planning and Wealth Management. Because then, they shall be able to work upon automation models in such domain which is quite in demand….and Who says Engineers can’t study Wealth Management or Finance??
Don’t get into herd mentality….and don’t get your kid get into a career by passing a psychometric test….which is again useless according to me!!
Get him speak with a Practitioner who understands Industry and not with some Theoretical Teacher or some dumb relative who has not pulled up anything in life…else our kid would also be just One amongst THOSE!!