Hyderabad : Venkat from Telangana did engineering at a famous IIT six years ago. After doing his MS in America, he got a job in a big software company there. He also got an H-1B visa. The company fired him less than a year and a half ago as part of austerity measures. Unable to find a job elsewhere, Venkat has been working as a waiter in a hotel in New Jersey for a year.
A student from Hyderabad was offered a job by a leading software company with a package of Rs. 40 lakhs after completing engineering. He did not want it and went to America. He recently completed his MS. He has been struggling for several months without a job.
Ajay Reddy from Warangal completed his engineering and worked in a prominent company in Telangana for five years. He went to America less than a year and a half ago and studied MS. Despite his experience, he has yet to get a job. No matter how many companies he applies to, they are rejecting him.
Hopes Dashed: The unemployment crisis in the United States has never been so high in the last two and a half decades. Thousands of those who went there for higher studies with great hopes are forced to roam on the roads with their master's degrees in hand. On the one hand, the loan taken from the banks scares them. On the other hand, they are worried about not knowing when they will get a job. Software companies are also firing those who have been working for four to five years. Many of the victims are working in hotels and gas stations and are struggling to get another job.
Students from our country go there every year with the belief that they will get high-paying jobs in software companies in America. Thus, in the year 2022-23, nearly two lakh people went there and they include 45,000 to 55,000 Telugu students. Most of the students going to America prefer to study computer science and its related courses in MS. Until two years ago, almost 85% of those who did MS in America got jobs there.
Pandemic Effect and After: The effect of COVID-19 started in the year 2020 and continued for more than a year and a half. Due to the lockdown that was imposed twice, all kinds of industries in America have come to a standstill. The companies received huge funds in 2021-22 as the government there announced special packages to protect them. Banks have lent thousands of crores of rupees at low interest and many companies have used it in a big way. As a result, IT companies received unprecedented orders. Companies have also taken employees to the same level.
After the effect of COVID receded, the American government stopped the packages. The industrial sector has not recovered much. Banks also faced financial difficulties due to the non-recovery of loans given to various organizations and individuals during the lockdown. So they stopped lending. They have increased the interest rate from 3-4 percent till then to a maximum of 8 percent. Interest rates have never been this high in American history, they say. This had a strong impact on the industrial sector.
Retrenchment: In this context, the orders for IT companies have suddenly decreased. As the number of human resources is more than the work to be done, the IT companies started removing the employees who were hired during the time of Covid from March 2023. The existing employees who were getting high salaries were massively fired. Some companies cut salaries. IT companies that previously provided jobs to thousands of people are now hiring hundreds of people. All these developments are taking a toll on those who left India. Thousands of people who have gone from Telugu states are not getting jobs even after completing MS.
As per the rules in America, the concerned university issues OPT I20 (Optional Practical Training) in the name of the student immediately after completing the MS in that country. Apply for an Employment Authorization Document (EAD) within a month of receiving it. One should join some job within three months of approval. Otherwise, they should leave the country.
Study Loans: Students take loans from banks ranging from Rs 20 lakh to several crores for University fees. After coming back to the country, if they don't find a job here, the financial situation will turn upside down. That is why they are trying to stay in America in some form. Some are leaving one or two subjects to avoid completing MS. Others are joining university professors as research assistants. There is no salary for this. However, you can stay in America for a year with the document given by the professor. Others are contacting consultants and getting a certificate that they are working somewhere. Although the problem is bothering them so much, it is noteworthy that the number of people going there every year has not decreased.
New Government: The US presidential election is going to be held in November. Biden and Donald Trump are likely to compete. Experts think that the situation will change only if the industrial sector is supported after the new government comes. There is hope that Trump has given such support in the past and if he wins the election, he will once again lend his hand to the industrial sector.
No job without experience: Aitharaju Srikanth, owner of a consultancy, said, ''I have been in America for 30 years. Arranged consultancy and showed job opportunities to many people. Due to the current crisis, even those with ten years of service cannot get a job. Even those with 14 years of experience are losing their jobs. This situation is more prevalent in the IT sector. Never seen such a problem in the last 28 years''.
Change likely in a year and a half: Alapati Shubhakar of Global Tree Careers Consultancy, said, ''I came to Hyderabad less than two days ago after observing the situation in various states of America for months. The economic crisis there has also affected IT companies. They initially laid off thousands of workers. Now the layoffs have mostly stopped, but new hires are taking on very little. This effect was severe in the Telugu states. Thousands are still on OPT. There may be a change in the situation by the end of this year.. or by the middle of next year''.
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