Recession hits placements at IITs

It seems there is no escaping the recession bug, even if you go to the top engineering institute in the country, the IIT. A report shows that placements in IIT-Delhi have declined by 30 per cent as compared to last year.

Ravi Nikumbh, a chemical engineering student at IIT-Delhi, is discussing this year's placements at the coffee shop. He hasn't been able to land a job yet. And with most companies having already visited the campus over the last month, he is running out of options.

"I applied for 30 companies and got shortlisted by 10. But I have not got a job as yet. I don't want to go for higher studies and didn't appear for CAT. So, I have to get a job. I am looking for a job in petroleum sector but many companies like Reliance, BPCL and HPCL haven't come this time. Another problem is that companies, which were recruiting around 10 students last year, recruited around two-three this year," he said.

The economic slowdown is hitting IIT placements hard. Only 400 of the 550 IIT students who applied for placements have been successful. And even the ones who have got offers are not satisfied.

"I wanted a job in Applied Mathematics but I haven't got that. So, I would look for off campus recruitments now," said a student.

Multinational financial firms like Roya Bank of Scotland and Goldman Sachs recruited IITians last year. But this time, they stayed away.

IIT officials say that there has been 25 to 30 per cent drop in the recruitment as compared to last year. But thankfully, the pay package has not been affected much.

With no job guarantee in the private sector, public sector companies like BHEL, IOC and BPCL are a big hit with the students this year.

"Earlier, there was a notion that government jobs are not exciting. But with this economic recession and revised pay package, I am very happy to get into a PSU," said Jatin Kalson, Final Year Student in Electrical Engineering at IIT-Delhi.

The recruitment process will continue till March but with the economic scenario far from improving these are tense times for students who haven't managed to get an offer yet.