Enough jobs exist for smart people: Info Edge's Sanjeev Bikhchandani

Bikhchandani said there is no funding winter for good companies, and there never was

There are enough jobs for people from institutes like Indian Institute of Technology (IIT)s, even though there is a fall in the average packages, Sanjeev Bikhchandani, founder and executive vice chairman of Info Edge told Raghav Aggarwal in an interview on Wednesday. Info Edge owns platforms like naukri.com, shiksha.com, jeevansathi.com and 99acres.com.

Here are the edited excerpts:

How is the Indian job market shaping up with the emergence of AI?

I don't see any major change right now. It's just wait and watch. But we expect it to create more jobs. Different jobs, but more jobs. New technology tends to increase productivity and reduce redundancy.  

 

So, do you see AI as a positive force?

I see aritificial intelligence (AI) as a positive force, on balance. 

Are there certain sectors which are more focused on deploying AI?

All companies are deploying AI. There are new startups coming, which have some elements of AI. Traditional companies are also deploying AI in their operations. AI is going to go into many places. There will not be any question of whether a company uses AI or not. Every company will use it. 

So, to tackle AI, are companies going for upskilling of their employees?

Yes, as and when required. It is focused and target-oriented. They are not upskilling everyone but on the basis of the respective project requirements. 

How long do you think the funding winter in startups will last?

There is no funding winter for good companies, and there never was. In 2020 and 2021, there was too much liquidity coming into India. So many companies got more money than they deserved and at a higher valuation than they deserved. 

Investors are now more discerning than they were three-four years ago.  

Coming to the IT sector, do you think its best years are behind us?

See, growth comes in cycles. It has its ups and downs. Will growth come back? I like to believe yes. When will it come back? I don't know. 

Are IITs facing a slowdown in hiring of their graduates?

There is a slowdown. We saw this in 2001 and then in 2008. But there are enough jobs still. Smart people find jobs, and jobs find smart people.

But we have seen the average packages falling?

Outlier packages change averages. They change without outlier values. But when companies are getting concerned with costs and expenses, and when there is little less competition for talent, there tends to be a correction. I do not think it is alarming.