Saw a similar post somewhere from an European and I think it’s pretty valid for India.
For context, I am in my early 30s, a home owner, living in tier-2 city with a pretty high salary. Recently got married and my wife also works as an Enterprise AE for a listed US company. Our cost of living is pretty low given the house and tier-2 city. Even if we had a kid, the overall cost of living will not change a lot.
I got to where I am, economically, by a combination of hard work and luck. Luck definitely was a huge part of it. Knowing the right people at the right time, working on the right technologies helped a lot more in advancing my career a lot more than grinding for good grades. Even the ability to buy a house without much debt, was partly because I was lucky to sell my shares in a fairly small startup.
It would be easy to say things aren’t economically bad based on my own experience or that of my close friends. However, when I look at things more objectively, I can’t help but come to the conclusion that we are screwed as a generation. Except for maybe the top 1%, salaries are not keeping up even with inflation. Housing costs, specially in tier 1/2 cities are unbelievably high even if you want an average apartment. Jobs are no where to be seen. The whole generation is living in the hope of the stock market rally never ending. This seems completely unsustainable as a nation. I might be doing well for now, but I still recognise how these are real problems for most Indians, who’ve been waiting for India’s century for 20 years
Given that the services industry contributes more than 50% to the GDP, the current state of joblessness, the overall sluggishness in IT and related sectors, and the fundamental changes happening to the way IT services now work, I wouldn’t be surprised if we see a complete recession in the next 4-5 years.
Lately, there has been a lot of criticism of anyone expressing anger on how bad things are but I think it’s helpful to talk about this.
Great post, I was thinking to jot down something similar.
The way I see is that our generation(I'm Gen Z), is financially fucked due to 2 main behavioral changes:
It’s the values. The Indian society’s values — frugality, morality, trust have been lost in the cacophony of the social media and the race to be better than everyone you know.
Couldn't agree more
Go through Goldman Sachs report...
India is still best place to be!
Period.
While some of this might correct as economy expands and enters into a dovish period (post rate cuts), few things will remain as painful
What you just defined is called Oligarchy
Yeah things are really bad in India. Even with this seemingly startup boom, there aren't enough jobs for all. The universities are producing bad talent that does not know how to work so there are bootcamps as well. Even if there are jobs, owning a home has become near impossible without a home loan. Getting a home loan, means giving away more than half of the salaries in EMI leaving no room for investing in other aspects of life. Even for a high income group, buying a house that justifies standards of being a high earner is costly. In delhi, flats are being sold from 25L to crores. For many this is more than what they will earn in their lifetime. 25L might seem reasonable but what you get for 25L feels like a cubicle in comparison to what you can own in a tier 2 or 3 city. Then comes the problem with these lower tier cities. Lack of connectivity, slow internet, lack of regular supplies of electricity, water, societal norms, cultural conflicts, bad healthcare and education infra and so on. No matter where you go, crime rates are at an all time high and the only thing I can think of as a solution is escaping india.
Man, you've read my mind
Just to add to this perspective, visited a 1bhk for rent 2 days back in Andheri east - 400 sq ft, 700mtr from metro, ~20yr old building, rent = 45k. Brokerage = 45k Deposit = rent x 3
What's surprising is, got rented out the next day when we called for negotiation 😶
This is fucked up.
India's unstoppable rise in tech and innovation makes the West's decline clear.
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And at work + the endless chase for the mirage that is wlb + if anything isn't per their expectation, its toxic
