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Meltdown Effect
PSUs replace MNCs as recruiters
Shahira Naim
Tribune News Service

Lucknow, March 10
The impact of global recession is clearly visibly on the Indian Institute of Management campus during placement time as public sector units (PSUs) have replaced the giant multinational companies (MNC) as the major recruiters.

Lucknow IIM director Devi Singh, who took charge of his second term yesterday, admitted that probably the IIMs had miscalculated the effect of the meltdown as they never anticipated that placing their 1500 odd students in the job market would turn out to be such an uphill task this year.

Due to recession, the placements are being done in a phased manner. “The major recruiters this year are the PSUs. This year students are also willing to be employed by them.”

The director confessed that the IIM-L had not developed much communication with the PSUs that were now coming to their students’ rescue as earlier none of them were interested in joining them. This year, however, the scenario has completely changed.

So far 72 companies have come to the campus to recruit the 262 management graduates who took part in the placement. While the situation is pretty grim, the director hopes that all his students should find work in the coming days.

Job prospect is not the only thing impacted by recession. IIM-L is set to increase its fee from the coming academic year just as Indian Institute of Management-Kolkata has recently done. A plan to increase the number of seats and faculty members is also on the cards from the new session.

“We are planning to hike the fees being charged from the students for the two-year course as we are going to have enhanced operation costs due to increasing the number of seats and the implementation of the sixth pay commission”, said Devi Singh.

At present, the student strength of IIM-L is 370, which is likely to go up to 420 by next year. Ten teachers also need to be to be added to cope with the increased students’ strength. The exact quantum of the fee hike would be decided after assessing the exact financial liability.

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