In India, since the last few decades, the demand for quantity of software developers has been massive given India’s contribution in spreat of IT during early 2000s which led to 0.6% GDP growth globally.
This sudden growth in demand led to many engineering colleges as the industry was booming. Low cost of development motivated the world to build their engineering centers in India. However, over the period of time, the quality of engineering was at a constant decline before of following reasons:
- Tech moves too fast, hard for institutes to keep up.
- Low bar of expectations and opportunities as scale increases.
- Old curriculum and lack of updated instruction.
As per this report by AICTE, India produces 35 lakhs (3.5 million) engineers every single year! And this is not even the full capacity, here are
some of the other findings:
- Only 55-60% seats in these colleges are filled.
- Less than 30% people get campus placements.
- There’s a drop out rate of about 30-35%.
After all this, the most surprising part is that there is shortage of “skilled” Engineers in the country! The issue: Quality of Education
It’s incredibly difficult for colleges to keep up with the latest trend in technology because by the time an engineer graduates, the tech changes. This constant rush of change in technology will push us to innovate and give rise to companies that are focused on “continuous upskilling” of a developer over the years.
The IT sector has increased its contribution to India’s GDP from 1.2% in 1998 to 7.7% in 2017. This has made the Indian economy a lot more dependent on this sector employing millions of people.
AI is coming
Artificial Intelligence is on the rise in 2019. As per Mckensey & Company’s report, “AI could potentially deliver additional global economic activity of around $13 trillion globally by 2030, or about 16% higher cumulative GDP compared with today. This amounts to about 1.2 percent additional GDP growth per year.”
If delivered, this impact would compare well with that of other general-purpose technologies through history. Here’s some context:
– 0.3% a year → Steam engines during the 1800s.
– 0.4% a year → Robots during 1990s.
– 0.6% a year → Spread of IT in early 2000s.
– 1.6% a year → AI in next decade by 2030.
AI is the new electricity. -Andrew NG