Even though Bangalore prides itself as the IT capital of India, it seems all is not well in the sector, according to Dr Ravishankar from the School of Business and Economics, Loughborough University, United Kingdom.

Speaking at the second annual “International Education Summit, Adhiyapan 2013” organized by the Shruth & Smith Foundation, Dr Ravishankar laid down bare a few facts explaining that the future is grim for IT and that future computer engineering graduates can expect the shrinking job avenues. “IT firms in the country used a workforce of around 33,000 to generate a revenue of $ 1 billion dollars in 2003,” he said. “But by about 2012, they needed a workforce of only 19,000 to generate an additional $ 1 billion.”

He added that there are around 5,000 engineering colleges in the country and in the last year alone, as many as 7.5 lakh computer engineering graduates passed from these colleges. “The number of jobs in the IT and manufacturing sectors amounts to about 1.5 lakhs,” he said.

Between 2003-08, the IT sector was growing at an exponential rate of 33 per cent. However in the last five years, it grew only at a rate of 14 percent, according to Ravishanker.

Highlighting the present scenario of the rapid privatization of education in the country, Ravishankar said that while privatisation was needed in education it had to be done gradually and with a proper plan. “There needs to be proper sequencing and pacing,” Ravishanker said.