It's bound to happen when the supply out-grows the demand. We need to face it.
So, what's the way out? Relentless pursuit of your passion for your profession. Update yourself, know a little bit more than your competitor, be sincere and hard working. And have faith and conviction in the fact that opportunities will be there.
Many people in india choose a degree based on the name how fancy it sounds.Everybody wants a white collar job and look at some of the physical toiling jobs like electrician,plumber and woodwork people.I know when i call these people i am charged a bomb and i am sure they earn really good amount.But look at those people who does work but not in a professional manner.Why can't india think create those jobs in a professional way without cheating people.Like that there are many jobs in india which can be done in a professional way and that too sustainable manner i.e a plumber is definitely required irrespective of the economy.A graphic/animation designer is required when basic needs are fulfilled.But we run after those like mad.
This is common scenario nowadays. Even after doing engineering or MBA from best colleges one has to struggle. But if you have a passion for your work then struggle will not matter, however long it may last.
