RIYADH, 18 March 2007 — India is in news today thanks to its growing clout in global economy.
As the country’s businesses flourish, the demand for young business graduates produced by the reputed business institutes is growing so much so that some of the young graduates this year have even allegedly turned down the lucrative offers from the Western firms. Not long ago a job offer from Europe or the US was viewed as a stepping stone for a successful career by these enterprising youngsters.
Although the Western countries still remain an attractive proposition in some fields, the additional choice to be in India with huge salaries has changed the dynamics. The new trend particularly augurs well for the domestic business houses and multinational entrants.
No other than students of the elite and exclusive Indian Institute Managements (IIMs) show this marked shift and according to one study, 64 percent students of this year’s IIM (Bangalore) batch opted for jobs in finance and consulting firms within the country.
A number of multinationals have set up their shops in India, they are paying high salaries and therefore many business gradates feel that there is no need to take overseas jobs.
The students are aware that they have to make too many compromises in their lives in a new country. The obvious feeling is why go through all this when opportunities exist on the home turf? Some have even gone to the extent of choosing non-government organizations (NGOs) over lucrative overseas assignments as these NGOs offer more professional challenges. On other hand, a few graduates from IIM (Ahmedabad) have decided to try their luck in a new environment by starting their own business ventures.
As a result of all these developments, the overseas firms, eager to have Indian talent on their side, are compelled to offer high salaries to the students passing out from these business schools.
What is commonly known as pre-placement offer (PPF) given to the students much before they graduate is replete with attractive figures, terms and conditions.
This year, IIM Calcutta students for example, have been offered $250,000 (SR937,500) package per annum; Bangalore students have an offer of $220,000 (SR825,000) and IIM Ahmedabad students are tempted with $225,000 (SR843,750) job offer.
Most of the IIMs have refused to give salary details as they want to keep the earning potential of their students confidential, but the corporate sector, which is stung with the need to have the best cannot do so. It seems it today’s growing India, the sky is the limit for those who graduate from premier business and technical institutes.
