The economy of India is the eleventh largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRIC. One of the key reasons for India’s growth over the past two decades or so is the high proportion of the youth in the country. According to 2001 Indian Census 41.05 % of the people are between the age group of 13 to 35 which is considered as “youth” by the Indian Government. And this youth percentage is higher when compared to any other country’s youth population.
The Indian youth is ever more competitive – than its global peers, ready to work extra hours to earn the extra moolah as he/she wants to enjoy his/her money and spend it wisely too. In a recent interview Stephan Winklemann, the global president & CEO, of Lamborghini said “It is peculiar to only in India and China that the average age of our customer is 20 – 25 years unlike most of our Europe or American markets which are dominated by the older customers. This is one reason why we are positive about the India market as it is a good sign to have young consumers who are the trend setters for the future as your buyers”.
In India the top three career ambitions professionals selected were:
1. Get promoted
2. Work abroad
3. Change industries or careers
Hari V Krishnan, country manager at LinkedIn India said, “With the opportunities for career development increasing every day, professionals are very conscious of choosing the right workplace. Many professionals want to find a position which will not only boost their career growth, but will also provide them with job satisfaction. Organizations are also striving to keep their employees content so that they can retain their talent.”
In an interview with Tejas Kapadia (26 years old) who works for a British multinational he stated “for young India job offers are plenty with various multinationals entering the markets. Jobs now for us, early career professionals, have to have a balance between a good salary – if you’re good every company will offer you a raise – friendly work environment, and long term growth prospects”.
This is a major transition in the thinking of the Indian youth as compared to their parents or elders. The earlier generation wanted to work for a large government or private firm where they were ok, in general, to work for regular pays but wanted a long tenure in the corporation.
Another fuel to the growing Indian economy is the large number of young Indian jumping out of their comfort zone, jobs with corporations, to follow their dreams and become entrepreneurs. Shaunak Modi, founder of Bytehouse Digital, worked for a large Indian newspaper company but decided to follow his heart and start Bytehouse a web designing company. Shaunak says “When I left my comfortable job I was a bit anxious in the beginning but I realize now that it was the correct thing to do. Not only do I get to do what I love – gives me personal satisfaction, but also manage my time effectively to do anything that I wanted like exercise daily that I dint have time for in the daily rug-ma-role of the corporate life”.
Early career professionals in India now want to work either for a company that pays them well and offers good growth prospects or want to work for themselves to fulfil their dreams. So, tell me more. What do you want?
This is a post written by Deep Mehta. He very much welcomes your thoughts on the subject. You can share them below!