India’s white-collar job boom is over. What once grew at 11% a year is now barely 1%, warns Saurabh Mukherjea, founder of Marcellus Investment Managers. He made the stark revelation in his podcast “Coffee and Investing with Saurabh Mukherjea”, in the episode titled “No Jobs & High Debt: The Silent Middle Class Crisis.”For decades, India’s urban middle class has relied on stable office jobs, especially in the IT sector, finance, and BPO services, as a ticket to economic mobility. Today, Mukherjea says, that ticket is being revoked. The combination of tech layoffs, automation, and AI disruption is changing the rules of employment, and students who cling to old career assumptions risk being left behind.“The salaryman era is over,” Mukherjea declares. “If students do not build skills that cannot be automated, they will not just miss opportunities—they may find themselves unemployed in a shrinking job market.”
Tech layoffs and automation are eating jobs
The IT sector, long the engine of white-collar employment, is shedding roles. Large companies like Tata Consultancy Services, HCL Tech, Infosys, and Wipro are reducing headcount while adopting AI, automation, and productivity-enhancing technologies. Entry-level coding, routine customer support, and administrative tasks are increasingly being done by software and intelligent systems rather than humans.The slowdown is not restricted to tech. Finance, legal services, logistics, and media are also experiencing structural shifts as AI-driven workflows replace traditional roles. According to Mukherjea, up to 25% of current tech and customer experience jobs could vanish by 2031.For college students and recent graduates, this serves as a wake, up call. Several job roles that were earlier deemed as ‘safe’ are now vulnerable. Besides this, even top, tier companies cannot be relied on for lifelong jobs, and due to the rapid technological disruption, the time for conventional career planning is almost gone.
Students can’t afford to wait
Mukherjea’s advice is clear: waiting for a salaried job to appear is no longer a strategy—it is a gamble. Students need to adapt, learn new skills, and focus on work that AI cannot do. Skills that involve humans, like creativity, problem-solving, empathy, negotiation, and critical thinking, are now the most valuable because they are harder to automate. Jobs in areas like healthcare, education, design, and other service-based fields offer good opportunities for growth and long-term stability.Technical skills are still important, but they need to be paired with the ability to adapt. Mukherjea points out that learning AI, machine learning, cloud computing, cybersecurity, or data analytics is useful, but only if students also stay flexible, curious, and take initiative.As he bluntly puts it: “The salaryman era is over. Students must focus on building skills that cannot be automated.”
Skills that will keep you relevant
To survive—and thrive—in the new job market, students must develop a balanced combination of technical, soft, and entrepreneurial skills. From a technical perspective, knowledge of artificial intelligence and machine learning, cloud computing and cybersecurity, as well as data analytics, coding, and software development will become increasingly necessary. Similarly, soft skills like creativity, problem, solving, communication, collaboration, emotional intelligence, and leadership that help students adapt and thrive in changing work environments are just as necessary. Entrepreneurial skills are equally important, such as being a freelancer, working on some side projects, pivoting quickly, seeking new opportunities, and creating a personal brand or portfolio. Practical knowledge is most important and thus students can be encouraged to undertake micro, projects, internships, or cross, disciplinary work, because the portfolio and tangible accomplishments will speak volumes about the person’s capabilities rather than the resume only, says Mukherjea.
How to adapt to the new job market
Students who will thrive in the future are those who can adapt quickly as the job market changes. Saurabh Mukherjea advises that students focus on a few important habits to stay ahead. First, they should keep learning continuously through online courses, certifications, and workshops. This helps them gain new knowledge and skills that are in demand and prepares them for changes in the workplace. Second, students should gain practical experience by doing internships, freelance projects, or even small side ventures. Real-world experience teaches problem-solving and gives them skills that cannot be learned from books alone.Building a strong professional network is crucial. Connecting with mentors, peers, and industry professionals helps students get guidance, find opportunities, and understand job market changes. They should also stay updated on AI and automation to know which jobs are disappearing and which are emerging. Using creativity to add value in ways AI cannot, solving problems, and taking initiative will help students stay competitive and stand out in the job market.
Why this matters now
Mukherjea’s warning is quite urgent in a rapidly changing world. There is an exponential growth in AI usage, and automation is extending its reach beyond just routine tasks to areas such as customer service, marketing, legal research, and financial analysis. Many of the “entry level” jobs as they are called that exist today, may not be there in 2030.For the middle class of India, which has been relying on salaried jobs for both stability and a way to move up, it is a hard hit. The truth is that graduates have to change their mindset from seeking security to being prepared for change and development, otherwise they may not catch up in a quickly changing economy.
No safety nets: Adapt or lose out
The white collar job market is rapidly evolving, but students willing to adapt still have opportunities. Those who over time develop skills that AI will never replace, develop people, oriented skills, and adopt an entrepreneurial mindset, without doubt, will be better equipped to succeed than the previous generations.Disruption is inevitable. Survival is optional. Mukherjea’s advice: act now, build skills, and redefine what “career success” means for the 21st century.
