It would be sheer injustice to pin the responsibility of this constant mistake of ours to only one set of stakeholders.
As is the case with most political & social failures in our country, it is safe to use the term 'Collective Responsibility' here. True to the adage 'Success has many fathers, failure has none' we celebrate Satya Nadella (Microsoft CEO)Sundar Pichai Pranav Mistry . We forget the plight of millions of not so successful students and choose to ignore the father or rather fathers of this failure.

Every hiring & placement season, we have some or the other media publishing numbers and declaring how X% of engineers and graduates are unemployable. The media can play safe, for it can only awaken the masses on whats ailing the society. Media can afford to play by Arvind Kejriwal (politician) strategy of 'Shoot and Scoot'.

Counting the stakeholders we have studentsteachers, the education system as a whole, the government and lastly the corporate world. So will the real culprit please stand-up???
No, cause we have none. Or so it is presumed. The nation is busy playing Chinese whispers and no one wants to acknowledge the elephant in the room. Do we not realize the effect that this can have 5-10 years down the line, especially in a complex demography like that of India.
To put it mildly, this is a ticking bomb. This will snowball into a major crisis derailing the economic, social and many a times the political balance. If only we could divide the responsibility, we can make India what Dr. Kalam envisioned. 
Every stakeholder just needs to do his part and everything else will fall into place.

For starters, the students around whom the whole story revolves, need to stop studying and start educating.
There is a difference, a fundamental one. The current trend is that the students study his subjects and relies on the exams as the final authority to decide whether he is fit to study next set of subjects year-on-year. It is important that student gets a couple of things very clear.
First, the system is responsible for giving a degree and not education per se. To make himself educated and employable he should start looking for learning beyond his books. No sane person can deny the importance of books and theory, but in a fast-changing world, we need more of experiential learning. The students must study with the goal in mind. The goal being not exams but research and practical applications. Each subject is an industry and so it should be perceived and acted upon.

Teachers, the catalyst of change and who mould each and every student. For gods sake, please put a brake to the convict like punishment of writing hundreds of assignments without any tangible outcome. It doesn't serve any purpose except making our parent's thinks 'Bacha padhai kar raha hai.'
The students are so chained in clerical & theoretical work that they hardly get time and the push to go beyond books.
You are the one who literally sculpts a student's outlook towards life. We understand that the system has systematically restricted your movement to just syllabus and examination. But until there is a strong intent from you, we will continue to suffer. Analysing the results empirically we can conveniently conclude that besides making a student more social and making them good at mugging up answers, we only burn a hole in the parent's pocket during the college days and puncture a hole in their dreams post the college days.
I give a clarion call to the teacher community to save our students. Consider atleast 20% of a students time and efforts towards building market-ready students. We trust this community of selfless workforce to never let us down, NEVER!

Even if all the students & teachers unite, they will have to kneel helplessly before the all powerful Education System.
This system is not a person, neither an organisation nor a political party. It's a mindset. It's a mental illness. We are yet to break the shackles of British education system. I really want to ask what pleasure do you get teaching students age old technology when the world is striding towards technological development every day, every hour. Why is the syllabus nostalgia of past products and methods? Why does a student memories long answers when the corporate world demands skills not even remotely concerned with power of memory?

Why can't we have the subject aligned to industry need every year. Why does the system appear to be so lazy that it doesn't even care to check what the market jobs are like? The students & teachers are the product of the machine (system) and I have personally visited atleast 100 colleges to safely conclude that something is amiss. That something is the absence of connect between campus and corporate. Imagine if you ask the students to study diodes, rectifiers and transformers and in the exam ask questions on microcontroller. That is precisely what happens when they sit for interviews. 
We WeBind conduct subject specific industry experts session in classrooms. During one such interaction, the master was speaking on IOT. After the session a student from Nagpur stands and asks the master, 'Can you make this as a subject, cause only then our teachers will teach these technologies'
A facepalm moment!

This brings me to the last & the most stakeholder, the Corporate world.
At the risk of being labelled a motor mouth, I say that Corporate are the biggest set of hypocrites.
Screaming at the top of the lungs about the inefficient intern or fresher won't help until you adopt a college to make them industry ready. Enough of thinking this as a CSR activity. This is going to cascade onto your future growth and eventually the revenue.Why can't companies carve a new position of Student Engagement Manager and at least engage the students of its city with some basic real work related to their area of study.

The famous and now cliched 'Turning problems into opportunities' can be utilized here. I am but a small pawn only using this platform to voice whats drowning me down every day.
The MBA's and Entrepreneurs are better placed to come up with solutions.
Goal oriented action is what is required.
S.M.A.R.T goals!

I am reminded of an Urdu couplet an army officer once read to me.
'Aasaan hai souye hue ko jagaana
Ke muntaqil hota hai hosh,
Mushkil toh hai jaage hue ko jagaana
Ke bas inteqaal kar jata hai sarmaya'