It says about two things. The unpleasant and unsavory condition prevailing in our education system. Second is it's easy to get a Ph.D but not a job.

Over a period of time we can see how our education system has been commercialised and has become a good proposition for some people it is also a good way of turning their illegal earning into legal especially for politicians. Degrees are being bought easily for a price but when it comes to proving oneself they fail to make the mark and the result is creation of under employment probably even for those who have worked hard for attaining a degree.

The sorry state of education system is mainly due to there is no scope for innovation and thinking. There is a big void between education and Application to the real life.

well i think that the student of or the pass out phd applying for peon job because they really need a job. Which is obvious that they want money so that they may help his/her family or himself/herself. But it is very sad to hear that after learning so much they are not getting their standard jobs 

Job scarcity is there and will be there. Even in advanced countries, like the USA, shortage of Jobs is there.

These Ph D's must be sham PhD's. In a country where fake degrees are available doctorate degrees also can be manipulated. I know of guides who register doctoral fellows and send them home only to call them after couple of years and tell them to write a pre determined thesis which will be defended by him in front of a pre arranged friendly committee on a reciprocal basis. The situation is not so bad that good PhD's can not find jobs. Such doctorates lack confidence and are prepared to work as peons.

Lack of confidence and lack of application of their knowledge to real life conditions is also a bane on the Ph.Ds.

Everyone is looking for government job due to job security.

Job security is ensured even in Private sector jobs, provided you are hard working and innovative. I worked in both private firms as well as Government owned firms.