Let me start with a brief incident that I encountered on a Sleeper Class coach when I was travelling from Pune to Bangalore.
Two railway employees were talking about their kids. One of them mentioned that both his sons got into IITs this year. The younger one ("woh bade wale se zyada hoshiyaar tha") joined IIT Bombay and the elder one joined IIT BHU (sic). (The whole discussion on whether BHU is an IIT at all, is something I have already ranted about here). He went on to explain how much he spent on the studies of the two kids and it obviously ran into lakhs.
He seemed to extremely pleased with his 'investment'. Paraphrasing that gentleman's comment, the gist of what he said is this - "If I had invested the same amount of money in a plot of land, it would have given me certain returns after a few years. Instead of that, I have invested that in my kids and since they have gotten into IITs, my investment is worth every penny and the returns that I expect are much more than the returns I'd have gotten on the plot of land."
This gentleman had just put words to the feelings of lakhs of middleclass Indians. Thinking about it, it makes perfect business sense. For a middle-class Indian, it is a gamble. 'Invest' in your kid's JEE coaching and hope to reap benefits of the investment. It is, without doubt, a high-risk-high-return game. 2% of investors get the desired returns. 98% are forced to write-off the investment as non-performing asset(s).
Well, strictly speaking, of the 2% who ultimately make it to the IITs, a considerable fraction don't end up being 'high performing assets'. Indeed, of the 98% too, a considerable fraction turn out to be 'high performing assets'. That's their good fortune and hard work. But what irks me is the fact that an entire generation of 'Engineers' are being misled into Engineering and Technology courses, primarily driven by peer pressure and false information. The premier newspapers of the nation leave no stone unturned in this regard. The much-hyped, but utterly sub-standard Times of India comes out with articles that are factually incorrect and ones that are meant purely to capture the imagination of the populace. Many a articles distort the information in a manner that will ensure that the copies sell, compromising heavily on the fundamental spirit of journalism. This article in the Economic Times is a stand-out example. An IIM degree might fetch you a 1.5 crore job. But is that the point of the MBA degree?
To the Indian middle-class bystander, such articles fuel his desires to be rich. They force him to rethink the path that he had set out for himself. In that article, he sees himself as the protagonist. He'd do a quick cost-benefit analysis - If I spend a year preparing for CAT and then another two years at IIM, at the end of it, I'll be earning 1.5 crores an annum. Tax deducted, I will still be able to earn about 8-9 Lakhs a month. Oh, that is sweet. Let me chuck whatever I am doing, let me prepare for CAT!
There! thanks to some masala-journalism, you have a miserable victim. Now, multiply that by about 3 Lakh people, and you have the state of today's management aspirants. Please be careful to note that nowhere in his thought process did the bystander include anything about becoming a good manager, which is what the MBA is supposed to do, I think.
As it turns out, that front-page news article on ET was false as per this blog post by IIM Ahmedabad.
Pan across to the undergraduate engineering scenario: You have 9 Lakh such engineering-aspirants, who are being misled into pursuing engineering degrees (as opposed to becoming 'Engineers') simply because at the end of the dark tunnel, after enduring 4 years of whatever they throw at you, you will land a job in an MNC. Oh, and congratulations, you are an engineer too!
When I take a step back, I realise that an entire generation of people has no idea of why they are doing what they are doing. 9 Lakh people X 4 years = 36 Lakh man years. Discount that by about 10% - I'd like to believe that atleast 10% of the people are doing what they are doing because they WANT to do it - you still have about 32 Lakh man years being utilised sub-optimally, that translates to 8 Lakh man years being utilised sub-optimally every year in a country like India, that prides itself on being young and resourceful. You do not need to be Paul Krugman to identify that should these 8 Lakh man years be put to 'better' use, the overall efficiency would drastically increase and the country can actually benefit immensely from being 'young'.
The media has a major role to play in how a country shapes up. Everybody joins the IITs assuming they have hit a jackpot. At the end of four years, irrespective of what you are and what you do, you'll have a heavy wallet. If you are lucky, you will end up with that 1-crore job, about which your news daily had reported just days back. Is this not what they think?
And that has as much basis in reality as Avatar! Reality is vastly different. But reality is boring. And hence, reality doesn't sell. Consequently, reality is hard to find. As long as the Indian thought process and decision making is based on fables and wishful thinking, our populace will never take a moment to THINK. They will instead race with the other rats of their generation towards the jackpot which, I suspect, is just an illusion. Twenty five years hence, when we realise this, I can only wish it would not be too late.
