India's era of rapid white-collar job expansion has come to a grinding halt, according to a stark warning from a leading investment expert. Saurabh Mukherjea, founder of Marcellus Investment Managers, revealed that annual growth in such employment has plummeted from a robust 11% to a mere 1%. He delivered this sobering analysis in his podcast, "Coffee and Investing with Saurabh Mukherjea," in an episode pointedly titled "No Jobs & High Debt: The Silent Middle Class Crisis."
The End of the Salaryman Era
For decades, a stable office job in sectors like information technology, finance, or business process outsourcing was the golden ticket for India's urban middle class to achieve economic mobility. Mukherjea states that this ticket is now being revoked. The convergence of widespread tech layoffs, relentless automation, and disruptive artificial intelligence is fundamentally rewriting the rules of employment. Students and professionals clinging to outdated career assumptions risk being left behind in an increasingly competitive landscape.
"The salaryman era is over," Mukherjea declares. He emphasizes that individuals who fail to cultivate skills immune to automation will not merely miss out on opportunities; they face the real prospect of unemployment in a contracting job market.
Tech Layoffs and AI: A Double Blow to Traditional Roles
The IT sector, long the powerhouse of white-collar hiring, is actively reducing its workforce. Industry giants including Tata Consultancy Services, Infosys, Wipro, and HCL Tech are trimming headcounts while simultaneously integrating AI, automation, and other productivity-boosting technologies. Tasks that once provided entry-level opportunities—such as basic coding, routine customer support, and general administrative work—are increasingly being handled by software and intelligent systems.
This slowdown is not confined to technology. Finance, legal services, logistics, and media are all undergoing structural shifts where AI-driven workflows are displacing traditional roles. Mukherjea presents a daunting forecast, suggesting that up to 25% of current technology and customer experience positions could disappear by 2031. This serves as a critical wake-up call for college students and recent graduates, as many roles previously considered 'safe' are now vulnerable.
Future-Proof Skills: What Students Must Learn Now
Mukherjea's advice is unambiguous: passively waiting for a salaried job to materialize is no longer a strategy—it's a gamble. The imperative is to adapt, learn continuously, and focus on work that AI cannot easily replicate. Skills inherently human in nature, such as creativity, complex problem-solving, empathy, negotiation, and critical thinking, have become supremely valuable due to their resistance to automation. Fields like healthcare, education, and design are highlighted as offering better prospects for growth and long-term stability.
While technical expertise in areas like AI, machine learning, cloud computing, cybersecurity, and data analytics remains important, it must be paired with adaptability and initiative. Mukherjea stresses that practical experience through micro-projects, internships, or freelance work is crucial, as a portfolio of tangible accomplishments often speaks louder than a resume alone.
Navigating the New Job Market: A Call to Action
To not just survive but thrive, individuals must develop a balanced mix of technical, soft, and entrepreneurial skills. This involves continuous learning via online courses, building a strong professional network, and staying informed about technological trends to anticipate which jobs are fading and which are emerging.
The warning is particularly urgent for India's middle class, which has historically depended on salaried jobs for both stability and upward mobility. The mindset must shift from seeking lifelong security to embracing adaptability and lifelong development. In Mukherjea's view, disruption is inevitable, but survival is optional. His final counsel is to act immediately, build relevant skills, and redefine the very meaning of career success for the 21st century.
