Its placement time in campuses across the world, but where are the jobs? The newspapers, pink and white, have not been very friendly or encouraging in this matter of late. Every day we hear of reports about layoffs, large companies (read big recruiters) in distress, no jobs in market, and top it all THE financial fraud.
In such times the article in MINT, about overseas students also looking for a share in the Indian job market pie, makes it even more tough, or competitive.
The reasons for this are manifold:
This year, fewer companies are expected to visit campuses—several international investment banks, traditionally big hirers on campuses, have either gone under or no longer exist in their previous forms—and the competition among students will be tough.
As stated, companies which were dreams are now the worst nightmares. Who could have guessed that a company of Lehman Brothers repute, where a majority of individuals would vie to work in, would go bust one fine day? And if Lehman can be a victim, why not any other company? Who could have evn guessed in the wildest of his dreams about the Satyam balance entries being reversed by one letter of the chairman?
"We certainly are seeing a lot more interest from Indian students in foreign business schools," said Sri Rajan, partner at consulting firm Bain and Company's Indian arm. "We are seeing a lot more applications for two reasons—economy in the US is pretty bad and long-term growth prospects of India are better. So, applicants are hedging their bets."
One more reason for the overseas students looking at India as a greener pasture is the glowing opportunities provided by the emerging economies of the land of tiger and Dragon. This probably also explains new interest for the incoming exchange program among students of developed countries.
Some students say India will remain a long-term bet for many and recession has nothing to do with their plan to move back home.
India as a long term bet once again summarizes the above said reason. Emerging Economies. The future power.
Thus, the conditions are terrible no doubt, and it does require test of patience and courage to steer through it. As a friend here in L animatedly described, " We would be a batch of Phoenix. Literally rise from the ashes."
In such conditions, IDEAS – the economic times Initiative for emerging and budding entrepreneurs is very well timed. In L itself, many of my batch mates here are contemplating various B Plans. The initial plan while joining was to first get placed in a good paying job, work for a couple of years and then start of on own. But now, looking at the gloomy market scenario for jobs or maybe the brighter market scenario for start-ups, the plans have changed.