Archive · 10 Jan 2026
India's Middle Class Faces White-Collar Job Slowdown
Saurabh Mukherjea, an investment expert, talked about how India's middle class is facing big problems because white-collar jobs are not growing like they used to.
He said that from 2010 to 2020, these jobs were growing fast, but now they are only growing by 1% each year.
This is a big change and it's causing trouble for many people.
Mukherjea also warned that artificial intelligence (AI) could take away up to 2 million jobs in the tech and customer service industries by 2031.
He mentioned that big companies like Tata Consultancy Services and HCL Tech are already cutting jobs and using AI to do more work with fewer people.
This is making it harder for the middle class to find good jobs and make money.
Mukherjea thinks this is a serious problem that needs to be addressed soon.
White-collar job growth in India has slowed to 1% annually from 2023 to 2025, down from 11% annually between 2010 and 2020.
Up to 2 million jobs (25% of the workforce) in tech and customer experience could disappear by 2031 due to AI disruption.
India's IT sector, which previously grew at 16% annually, is now in contraction with a 1% annual decline in job growth.
Major firms like Tata Consultancy Services and HCL Tech are cutting jobs and adopting AI to increase efficiency.
The slowdown in white-collar job growth threatens wage growth, household consumption, and social mobility for India's middle class.
- Who
- Saurabh Mukherjea, founder of Marcellus Investment Managers
- What
- Warning about the slowdown in white-collar job growth in India and the impact of AI on employment
- When
- Recent podcast discussion, with references to current and future trends
- Where
- India, focusing on urban middle class and major cities like Bengaluru, Pune, Hyderabad, and Gurugram
- Why
- To highlight the structural stress in India's job market and the potential long-term economic impact on the middle class
- White-Collar Job Growth
- 1% annually (2023-2025)
- Previous White-Collar Job Growth
- 11% annually (2010-2020)
- Projected Job Loss Due to AI by 2031
- 2 million (25% of workforce in tech and customer experience)
- IT Sector Job Growth
- -1% annually (contraction)
- Tech Jobs Lost Annually
- 10-12%
- Job Postings Decline
- 20% (World Bank report)
- Tata Consultancy Services Job Cuts
- 12,000 in 2023
- HCL Tech Strategy
- Double revenue with half the headcount
