84% Delhi students confident on India’s growth story: PHD Chamber Survey

84% Delhi students confident on India’s growth story: PHD Chamber Survey

84% Delhi students confident on India’s growth story: PHD Chamber Survey

No.PR-18
April 29, 2014
New Delhi

 

84% Delhi students confident on India’s growth story: PHD Chamber Survey

84% of graduation and post graduation students in Delhi NCR feel that India’s growth story will remain intact in coming times and thus prefer to settle in India for career prospects while the remaining 16% are of the view that moving abroad would help them repay their education loans and attain good financials and better living standards for themselves, says a survey conducted by Research Bureau of the PHD Chamber of Commerce and Industry.

The biggest challenge to India’s growth story is its poor supply side infrastructure and if bottlenecks to supply side economics were removed, the country has potential to attain fastest economic growth in the world economic system, said Mr. Sharad Jaipuria, President, PHD Chamber of Commerce and Industry, stressing that reforms in supply side infrastructure would pave the way for macro economic stability, increased consumption demand and millions of new jobs.

The survey ‘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 and expenditures. During the course of the survey, a large sample of about 3000 students including graduation and post graduation courses/programmes across the colleges in Delhi NCR was conducted.  It found that students are grappled with multiple challenges such as lack of financial resources for pursuing education vis-à-vis ever increased prices and lack of employment opportunities.

Regarding their plans for career development, according to the survey, 55% of the respondents said that after the completion of their graduation/post-graduation, they would prefer to attain jobs to become self-sustainable financially as early as possible while 29% of the respondents were thinking about the further higher studies followed by entrepreneurship (12%) and family business (4%).

Of the total job aspirants, around 44% of the students responded that they would prefer private sector jobs for excellent growth opportunities, fabulous remuneration packages and challenging roles. While 36% respondents preferred the government jobs as they prefer a good combination of job security and privileges, stability and satisfaction. The remaining 20% surveyed students were indifferent between the public or private sector jobs.

  • 73% students financially dependent on their parents
  • 19% of the students were dependent on scholarships or stipends
  • 8%  dependent on home based businesses

 

According to the survey, about 16% students borrowed money to meet their day to day pocket expenses due to high inflation. Most of the students were borrowing money from friends and relatives. About 53% of the students 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 financials during the times of high inflation.  

  • 16% students borrowed money to meet day to day pocket 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

 

According to the survey, 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 remaining 8% were dependent on small home based businesses like trading, direct selling etc. As per the survey, almost all the students unanimously felt that volatility in global and domestic economic scenario have impacted their career planning and expectations.

Going ahead, PHD Chamber strongly believes that India’s emerging demographic dividend would place it better in comparison to other countries in the global economic order in the coming times, however, we need to capitalize on this unique demographic advantage by generating more and more employment opportunities and at the same time addressing mounting inflationary pressures which not only impact the businesses and households but our students also. 

ENDS
Koteshwar Prasad Dobhal
Consultant (PR)