Placements in IITs and IIMs might take a hit this year because of the slowdown in the Indian economy, feared the placement committees.
While campus placements start from mid-October onwards, the initial response from big recruiting companies indicates that there could be a 10 per cent drop in job offers across the board, business portal MoneyControl has reported.
Although major recruiting firms have not withdrawn themselves from the campuses, they have made it clear that the recruitment of candidates and salary offers could head south.
Offers from the manufacturing sector could also be negligible as the growth rate during the first three quarters of the financial year slumped to a dismal rate of only 0.6 per cent from 3.1 per cent in the fourth quarter of 2018-19.
Who are the major recruiters:
Typically, technology-based and IT firms make 70 per cent of the job offers in the IITs while in the IIMs, it is the consulting and the banking firms who pick the maximum number of graduates.
IIMs are worried that the slackness in the economy and the prevailing uncertainty in the banking sector might hamper campus placements.
The situation would be far worse in the newer IITs and the IIMs, especially those who are yet to establish their footprints.
Placement last year:
MoneyControl reported that there was a positive vibe surrounding the campus placement last year. while the IITs saw a 25 per cent increase in the number of job offers, placements in the IIMs was high by about 20 per cent. IIMs also reported a 15-20 increase in average salaries.