India, AI and the shrinking premium of a university education
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India's university education premium is shrinking due to an oversupply of graduates and the rise of AI, which is making entry-level jobs more vulnerable. The country's education system, designed to produce clerks, has failed to create a mass-employment manufacturing base.
India has the world's largest youth population and a growth model dominated by software services, making it crucial to examine the impact of AI on jobs. The premium on college education is shrinking, and AI could further narrow the gap between graduates and school-leavers. The number of colleges has surged, but the uneven quality of new institutions hasn't created demand for their graduates. Most graduates end up in unproductive sectors or face unemployment, with only a third finding salaried positions. India's education system was designed to produce clerks, not skilled workers, and the country has missed a manufacturing revolution. AI is making programmers' skills expendable, with thousands losing jobs, highlighting the need for change.
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