Some Good Side Effects of Recession in India
In early 2000, while I was working in Chennai I used to go to Indian Institute of Technology (IIT) at Chennai. I made a lot of good friends there especially those who were doing Masters in various fields of Engineering. These were all students who scored very high marks in GATE exam (entrance exam for Masters). They used to work hours and hours in the lab working on their area of research. Most of them seem to have a fairly good idea of the subject they were working on.
But this interest in the subject ends when the campus interviews come. A mechanical engineer or a civil engineer or a aerospace engineer or from any engineering stream will be preparing to solve the puzzles, questions so that they can get a job in software companies like Infosys, CTS, TCS etc. Once they get a job in one of the software companies they join these companies never to come back to their area of specialization.
I always used to think what an utter waste of ability, when I see students from premier engineering institutes shift their job to software engineering after graduating in another field. If they wanted to become a software engineer why the hell did you come to IIT and do bachelors/masters in Aerospace engineering? One has to slog day in and out in a particular area before you get a degree. Now you are going to a field where you are not going to use any of what you learnt in your class.
The aura with software jobs in India will wane big time with this recession. The graduates from premier institutes like IIT and NIT graduating in core engineering subjects like civil, mechanical or electrical will think twice before accepting an offer from a software company. This recession has taught us a lesson that it may be better off in the long run to find a job in his/her field of study even if the salary is a little less initially.
Another side effect of recession is the bursting of the real estate bubble in India. Land prices were so inflated that it was almost impossible for a common man with a decent job to buy a home or a piece of land. My friend was telling me the other day that to buy a decent flat in Chennai you need a minimum of 50 lakhs of Indian rupees. Only a cream of the Indian society can afford to spend such an amount to buy something that huge. With global recession hitting India, the inflated prices have started the downward journey and hopefully it will go down so that more people can dream of owning a house.
Karthik in his blog has expressed almost similar views.
Now on a lighter note – below is an email forward I got a couple of days back. This was an advertisement that appeared in keralamatrimony.com website. How the recession has affected the “marriage market” of people holding certain jobs. A year back no one could imagine such a forward coming to our mail box.
On the whole recession has hit every one of us very hard. Even during the hard times some good things happen and I believe the two I described above are the good things to happen during these hard times.