Why there are No Jobs for Freshers in India?

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USA produces around 1 lakh Engineers per year for a $ 16 Trillion Economy. 
India produces 15 lakhs Engineers for a $ 2 Trillion Economy. 
The earlier mass recruiting sector was Manufacturing. It used to recruit from the core branches like Electrical Mechanical, Civil etc. But, Manufacturing is relatively stagnant at 17% of the GDP. So the core branch placements have become very difficult. 
The more recent mass recruiter was the IT sector. It grew from scratch to almost 5% of the GDP in a short time. IT Employed millions of engineers. 
Now, IT is also saturating. 
If you look at the sectoral composition of Indian economy, most of the sectors do not need engineers. Tourism is 10% of the GDP, does not require engineers. Financial sector, Trade, Hotels and Restaurants do not require engineers. Requirement of engineers in Health, education, Agriculture is also negligible. 
Demand is low while supply is high. Over and above this, skill level of an average engineer is poor, almost its non-existent in many cases. If we leave aside the top 100–200 colleges,most fresh engineers have no idea of what they studied. Ask a fresh mechanical engineer,can s/he design a simple frame? 

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