Over 50,000 IT jobs lost in Bengaluru, 2024

Bengaluru is facing a significant job crisis as over 50,000 IT employees were laid off in 2024. This trend is driven by increasing automation from artificial intelligence (AI) in the tech sector. The city, known as India's Silicon Valley, has been hit hard by these layoffs. The impact of job losses is visible in the real estate market. Reports indicate that occupancy rates in rental properties, such as paying guest accommodations and hostels, have dropped by about 30%. This decline affects local businesses and the economy. Despite the lower demand, rental prices have not fallen significantly. Opinions vary on the situation. Some people feel that AI is solving issues in the city, while others express concern about the future of rental properties. Social media users have commented on the transformations in rental markets, with some predicting that areas with low occupancy will turn into "ghost slums." As AI continues to replace lower-level tech jobs, there are worries for the future workforce. Critics point out that education systems are not preparing students adequately for the job market. Amid this crisis, some believe that technological advancements might not be the comprehensive solution needed for the city's problems.