Should we be concerned about engineers doing non-engineering jobs?

TOI has reported that most of the IITans are taking up non engineering jobs these days and I thought of discussing the topic here. I'm wondering whether the general sorry state of engineering in India (I'm generalising here; there are engineering achievements we can be proud of) is something to seriously worry about? The new government wants the world to 'make in India' and that will mean that there's going to be huge demand of engineers.

But when that need arises, we'll have a huge shortage of experienced and skilled engineers. Do you think we should be concerned about engineers getting into non-engineering jobs?