BENGALURU: As the number of jobs in India's $160-billion information technology industry starts shrinking with each passing year, engineering graduates across are scrambling for every vacancy in a sector that was once a big employment generator.
The percentage of fresh engineering graduates accepting campus offers from India's largest software firms such as Tata Consultancy Services, Infosys and Wipro has jumped significantly in the past three-four years, according to company data and executives.
For example, at Wipro, work acknowledgment rates have ascended to 85% from 65% three years back, said an official who would not like to be named. Others said this mirrors the business normal of 80-85% now against 65-70% in FY12.
Applications are surging — trebling at Infosys to 1.16 million in FY16 from FY13's 379,000. Specialists said this is an impression of the interest supply crisscross.
India produces 1.5 million building graduates each year while the accessible employments are pegged at 200,000-250,000, as per a late Kotak Institutional Equities report.
"The quantity of designers graduating as of now is extremely high. What's more, totally, there is an interest supply lopsidedness thus," said Vivek Kulkarni, previous IT secretary in the Karnataka government.
"When you have a substantial number of youths coming into the employment market, you require the economy to develop at a to a great degree high rate to match that supply, which is not happening at this moment."
The high employment acknowledgment rates are not confined to the top organizations. A comparative story is unfurling over whatever remains of the business, which right now utilizes well more than 3 million.
As per administrators, headhunters, spotters and arrangement heads at various level I and level II building universities, work acknowledgment rates all things considered have bounced well more than 10 rate focuses in the previous three years.
"This is an inescapable aftermath of the general interest supply awkwardness that you're seeing over the business," said the Wipro official refered to above. "As development rates have fallen over the previous decade, the quantity of employments has contracted and there are less alternatives accessible for graduates. Gone are the days when they could pick between three-four diverse occupation offers."
With the appearance of computerization, which can possibly wipe out a huge number of monotonous, manual IT undertakings everywhere clients, for example, General Electric and Citigroup, recently stamped designing graduates confront a hopeless future.
As indicated by a late report by HfS Research, India's IT administrations industry will lose 6.4 lakh "low-talented" occupations to mechanization in the following five years.
By 2021, HfS said the IT business worldwide will see a net diminishing of 9% in headcount, or around 1.4 million occupations, with nations like the Philippines, the UK and US additionally taking hits, ET reported not long ago.
"Comprehensively, it's currently going to be about expertise, not scale," said Sangeeta Gupta, senior VP at industry hall bunch Nasscom.