The dream of a steady paycheck, long considered the cornerstone of India's middle-class aspiration, may be nearing its end, according to Saurabh Mukherjea, founder and chief investment officer of Marcellus Investment Managers. Speaking on the podcast "Beyond the Paycheck: India’s Entrepreneurial Rebirth," Mukherjea laid out a bleak forecast for salaried employment in India, arguing that the very structure that built the country's middle class is fast becoming obsolete.
On April 21, 2025, Mukherjea warned that the defining flavor of this decade will be the gradual demise of salaried employment as a viable path for educated, determined, hardworking individuals. "I think the defining flavour of this decade will be effectively the death of salaried employment, the gradual demise of salary employment as a worthwhile avenue for educated, determined, hardworking people," he stated. This stark warning is grounded in the reality of rapid technological advancements that are reshaping the job market.
Automation and artificial intelligence are the key disruptors, with Mukherjea highlighting that many roles traditionally held by white-collar workers are increasingly being taken over by machines. He pointed out that Google has admitted that a third of its coding is now done by AI, and he anticipates the same trend will soon affect Indian firms in sectors such as IT, media, and finance. "Much of what was supposed to be done by white-collar workers is now done by AI. The same is coming for Indian IT, media, and finance," he explained.
The implications of these changes are profound, particularly for those who have pursued higher education with the expectation of long-term corporate careers. Mukherjea argues that the old model, where individuals spent decades with a single employer, is no longer viable. The traditional path of middle-class success—long-term, stable jobs—is fast becoming a relic of the past. "The old model where our parents worked 30 years for one organisation is dying. The job construct that built India’s middle class is no longer sustainable," he said.
Despite this unsettling outlook, Mukherjea sees a potential upside in the shift. He believes that the rise of digital infrastructure, particularly the Indian government's JAM Trinity—Jandhan (bank accounts), Aadhaar (identification), and Mobile (connectivity)—is creating new opportunities for entrepreneurship. "If applied with the same intellect and grit we brought to corporate careers, entrepreneurship can be the new engine of prosperity," he asserted.
The JAM framework has empowered millions of low-income Indians by providing access to banking, identification, and information, which are crucial for conducting business in the digital age. Mukherjea emphasizes that today's youth could forge their own paths as entrepreneurs, rather than seeking jobs in multinational corporations. However, he cautions that societal attitudes must change to facilitate this transition.
"We’re a money-obsessed society. We define success by paychecks. That has to change," Mukherjea insists. He argues that families must stop preparing their children to be job-seekers, as the jobs simply won’t be there. "Families like yours and mine must stop preparing kids to be job-seekers. The jobs won’t be there," he warned, urging a cultural reset that prioritizes happiness and impact over traditional notions of success.
In Mukherjea’s vision, the future belongs not to those who wait for hiring managers to call but to those willing to take risks, experiment, and build from scratch. He acknowledges that this shift from paycheck-chasing to purpose-building will not be easy, but he believes it is necessary for India to thrive in a rapidly changing economic landscape.
The era of the salaryman, as Mukherjea puts it, is drawing to a close. What comes next could be chaotic, but also transformative, if the country can reorient itself toward building rather than waiting to be hired. The middle-class dream, once defined by stable employment and steady paychecks, must be reimagined in light of these new realities.
As India grapples with these challenges, Mukherjea’s insights serve as a clarion call for both individuals and families to rethink their approach to career success. The need for adaptability and innovation has never been more pressing, and the potential for a new wave of entrepreneurship could redefine the economic landscape for future generations.
