Zerodha Co-Founder Nikhil Kamath has shared his advice for Indian students studying abroad amid mass layoffs.
He said on Twitter, “With rising interest rates in the west and the mass firing in high-paid tech jobs, one seriously needs to reconsider the many new universities set up in India, which have improved tremendously.”
“It’s one thing to go abroad to study and network, another to be saddled with crazy debt for life at 7-8 per cent…”, the post added.
With rising interest rates in the west & mass firing in high-paid tech jobs, one must reconsider the new universities set up in India, which have improved tremendously. It’s one thing to go abroad to study and network, another to be saddled with crazy debt for life at 7-8%… pic.twitter.com/3Z4V3CUlzn— Nikhil Kamath (@nikhilkamathcio) February 22, 2023
In his tweet, Nikhil Kamath shared a chart curated by InvestiWise, which showed an increase of around 44.87 percent in Indian students going abroad to study since 2018.
Earlier, Nithin Kamath also shared her views and significant data, “Whenever students ask me for advice, I say, stay in India. Not just because we need to avoid the brain drain or that there’s an obligation to the country, but because India will most likely have the best opportunities in future.@SRajgopalan explains.”
The reason behind that Nikhil Kamath shared his view as Major tech companies in the US and across the globe have sacked in 2023, there have been 507 layoffs at tech companies with 144,042 people impacted (2,718 people per day).
In 2022, there were 1,535 layoffs at tech companies 241,176 people were impacted. Additionally, the looming recession is one of the reasons for firing thousands of employees. Additionally, customers have also cut back on their spending due to inflation and their pandemic-hit budgets.
Additionally, Tech companies have either frozen the hiring process or laid off many employees. The major companies that laid off employees include Infosys, Amazon, Google, Microsoft, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
Earlier in November, Amazon announced that will be layoff 10,000 employees. However, the company further added 8,000 employees, and the total layoffs were announced as 18,000 employees. On the other hand, Google sacked roughly 12,000 staff and Salesforce laid off 7,000 employees.