Check out this statement from a report on National Employability by Aspiring Minds [pdf]:
Even though India produces more than five lakh engineers annually, only 17.45% of them are employable for the IT services sector, while a dismal 3.51% are appropriately trained to be directly deployed on projects. Further, only 2.68% are employable in IT product companies, which require greater understanding of computer science and algorithms. – National Employability Report by Aspiring Minds
While on one side, there is an ever increasing demand for skilled employees in organizations, the unemployment situation is getting out of control.
Concentrating on increasing quantity of engineers has impacted quality drastically. – National Employability Report by Aspiring Minds