Considering how volatile the job market has been recently, we all applied to Boston University, at least to some extent, because of the employability of the university’s graduates. It is reassuring to know that the tens of thousands of dollars we spend on tuition will eventually make their way back to us. And who can blame students for wanting a guaranteed satisfactory return on their investment? Even when undergraduates choose majors and select specific courses, they do so in the hope that one day they can apply their knowledge to real life scenarios.
The situation is more dire, though, in the case of Uttar Pradesh, India. According to The Washington Post, over 2.3 million people applied for just 368 job openings within the government.
India has a reported unemployment rate of roughly 5.4% this year, which seems low, however the figure masks the hidden levels of underemployment, where employees have jobs that do not make full use of their skills and education. For example, this mechanical engineer now works as a cab driver. Similarly, applicants with doctorates are applying for government jobs that require a fifth grade education and have a meager compensation of about $240 a month. There is nothing wrong with working these jobs, but they certainly do not require university degrees.
Many of the newly graduated students would have anticipated fierce competition in the job market, but fighting 2.3 million fellow students for entry level jobs is something they would not have foreseen. The fact that so many candidates are willing to be underemployed speaks volumes about the state of the economy. It is crucial that jobs be created to meet the demands of the ever-growing working force. Over 13 million young adults enter the Indian job market annually, and if the state of the economy as of now is so poor, 13 million people will be tacked on to the 5.4% unemployment rate. The situation needs to be reversed and the job market needs to improve — there should be an abundance of jobs to match, or even exceed, the supply of candidates.
I’m currently pursuing a degree in finance and economics, and everything I learn in Questrom School of Business or the College of Arts and Sciences I hope to incorporate into my future career. It is demotivating to see that so many recent graduates are facing such difficulties in getting a job. We can only hope that the job market turns around in the upcoming years, and that jobs are created to meet the exponentially rising demands.