Government jobs satiable?

One of my friends who is working in a software company has applied for all the central government bank exams recently and is preparing for them earnestly. The current economic slowdown has shifted all the attention towards stable and secure government jobs. Fearing pink slips from the corporate world many have decided to enter the public sector units. Growth and appraisal in government organizations might be trifling but people are willing to accept it in this gloomy scenario. Campus placements have dried up and students are even not sure about going for higher studies in the present economic frenzy. Increase in the inflow of people into government jobs will support the economy but in no way can substitute for the fall in private sector. Experienced professionals switching from private to public sector have to deal with lesser pay packages and poorer working atmosphere. Anyway an island is all we need when our ship has sunk in the ocean.