The perspective of a job in today's India is an employment in a public or private sector firm with a committed monthly income, annual incentives extra. Well 30 years ago the perspective was of an employment in a Government sector organization with fixed monthly salary, PF & Gratuity at retirement. Amongst this UPSC, MBBS & Engineering were for the brightest of the lot. There was little opportunity to do anything else and therefore all the parents wanted their children to prepare for these three only. The lack of opportunity was primarily due to the famous "License Raj" as almost everything was governed and licensed by the government then thereby nothing much could evolve.
Once late P.V.Narshima Rao became our Prime Minister, he opened up gates for multinational companies to come to India and offer salaries & incentives which were much better than those of government jobs, though the stability of these jobs were yet to be proven. We honestly don't give a well deserved appreciation to his leadership as much as we should. His own political party also doesn't do so either, probably because he is not born to a family and he didn't introduce "Computers" to India :)
Anyways, my generation was at the cusp of this transition when youngsters started to favor private jobs over government jobs, most of the time against the will of their parents. I have seen this struggle among the youngsters who could not decide which route to take and ended up being nothing. Some really good brains must have gone down the drain while pursuing UPSC & Govt Jobs dream and not looking at the change that was happening around them. There was huge resistance by the old and wise of that time and they did whatever they could to influence their kids to take government jobs over private ones. Some succumbed to the pressure, some revolted and some convinced their parents. But we all know that most of the ones that took private jobs then are better placed today, there will be exceptions for sure on either side.

The pride we take as Indians when we say that the CEO of Google or Microsoft or Pepsi or any other big organization is Indian, wouldn't have been possible if these guys had stayed and focussed on government jobs. The globalisation & culmination of license raj helped Indians more than just securing a job, it gave us the platform to be recognized globally. We also need to understand that before this revolution happened, since the majority of jobs offered was by govt., India was going through a phase where employment was dwindling too. No govt. can work at high pace in every aspect of growth of the society without external help and the same was true for India. The job situation was really grim and everyone was afraid, whether they will secure a job once they graduate or not.

Rings a bell?

This is a situation similar to the one today. We are churning loads of engineers & doctors every year but most of them have this fear of job security. We need to understand that not all graduates are employable, this was true 30 years ago and is true even now. The education system has changed and so has the quality, am not saying it has become good or worse but it has changed. The output of this change is lack of employable talent in the industry. To make matters worse, the technology advancement has been so great that alot of these mundane jobs will eventually be automated or done by Robots.

So what's the solution? Can there be just one way out?

Well, I believe the way out of this is finding avenues of creating employment outside the perspective that we have today. A fixed monthly salary and an annual incentive is going to be the thing of the past, like a secured govt job was in the 90s. We need to think towards avenues where Robots can be employed in future. I believe the current government is doing what Congress did in the 1990s under the leadership of Narsimha Rao, changing the narrative of employment. They are trying to bring policies which will promote the Entrepreneurial route. As it was in the 90s, there will be resistance now from various sections who were not able to understand the change it is going to bring in the next 2 decades, for not everyone is that far sighted. And resistance is also a good thing in a healthy society as it allows the other view to an approach as well.

However to make this change successful, there is a need for tremendous effort from various aspects.

The Government shall gradually offer more incentives to promote investment in Indian Companies. Infact govt. should start VC Funds (state level) and invest themselves in industry focused startups.

VCs and Fund houses should share suggestions with the Govt. on what will make them have India centric investments.

Along with that, it would be imperative for people to evolve the thought process from working for someone to working for self and generating jobs. If we fail to ride this change then the future is very bleak.

The youth needs to understand the importance of this shift in perspective and take baby steps towards the change. These baby steps at a time will make the difference we will cherish in the next couple of decades.