Degrees but no job: Is a college education still worth it? The long-held belief that a college degree guarantees a stable job in India is facing growing scrutiny. For decades, students have followed a familiar path: study hard, earn a degree, and secure employment. This model, rooted in the economic liberalisation of the 1990s, created an unspoken social contract between education and work. However, recent data reveals this contract is unraveling. A report by Azim Premji University highlights a stark reality: 67% of India’s unemployed youth are graduates. In 2023 alone, over 1.1 crore young people without jobs held degrees—a sharp increase from 32% in 2004. Meanwhile, the share of graduates in the youth population rose from 10% in 2004 to nearly 28% in 2023. This mismatch between rising educational attainment and stagnant job creation has created a structural crisis. While higher education has expanded rapidly, the economy has not generated enough high-quality jobs to absorb the growing number of graduates. The result is a paradox: more degrees, but not enough employment. For earlier generations, a college degree was rare and thus highly valuable. Today, however, the value of a degree is declining as millions of graduates compete for limited opportunities. Data from the International Labour Organisation’s India Employment Report 2024 underscores the problem. Nearly 83% of India’s unemployed population are young people, with graduate unemployment nine times higher than that of individuals with little or no formal education. This raises a critical question: does a college degree still ensure economic mobility in India? The answer appears to be no. The issue is not merely a shortage of jobs but the hyperinflation of degrees.#nasscom #digital_india #azim_premji_university #international_labour_organisation #skill_india
