About 84% of undergraduate and postgraduate students in Delhi NCR feel that India’s growth story will remain intact in future and thus prefer to settle in the country for better career prospects, says a survey conducted by the research bureau of the PHD Chamber of Commerce and Industry. The remaining 16% are of the view that moving abroad would help them repay their education loans and attain good finances and better living standards for themselves.
The study, titled Youth Economics: Career Expectations Survey, was undertaken during November 2013-February 2014 to understand the perception of students in terms of their career expectations, sources of income and managing finances. About 3,000 students that included undergraduates and postgraduates across colleges in Delhi NCR participated in the survey. It revealed that students are grappling with multiple challenges such as lack of financial resources for pursuing education vis-à-vis ever increasing prices and lack of employment opportunities.
Regarding their plans for career development, 55% of the respondents said that after completing their graduation/postgraduation, they want to become self-sustainable financially as early as possible, while 29% of the respondents were thinking about going for further studies. Twelve per cent wanted to start their own venture while 4% said they would want to join their family business.
Of the total job aspirants, around 44% of the students said that they would prefer private sector jobs for excellent growth opportunities, fabulous remuneration packages and challenging roles. While 36% respondents preferred government jobs as they were in favour of a good combination of job security and privileges, stability and satisfaction. The remaining 20% surveyed students did not differentiate between public or private sector jobs.
According to the survey, about 16% students borrowed money to meet their day-to-day expenses due to high inflation. About 53% of them have curtailed expenditures by 35% in times of inflationary pressures in terms of food, clothing, transportation and entertainment while 14% of the students opted for part time jobs and tuitions; 12% of them used previous savings. However, 5% of the respondent students said there is hardly any impact on their finances during the times of high inflation.
The survey reveals that a large share of the students (73%) were found to be financially dependent on their parents, while 19% of the students were dependent on scholarships or stipends, part time jobs like assisting accounts, giving tuitions etc and the remaining 8% were dependent on small home-based businesses like trading, direct selling etc.
As per the survey, almost all the students felt that volatility in global and domestic economic scenario have impacted their career planning.
73% students financially dependent on their parents
19% of the students were dependent on scholarships or stipends
8% dependent on home- based businesses
16% students borrowed money to meet day-to-day expenses
53% students curtailed expenditures by 35% in terms of food, clothing, transportation and entertainment.
14% students opted for part time jobs and tuitions
12% students used previous savings
5% said no impact of inflation