Top firms are in the race to hire students at IIT-Kharagpur this year, an indication that the economic slowdown in the country is over.
While the institute struggled to place students in 2008, with 65.66 per cent of its graduates getting jobs, this year companies may have to
return empty-handed.
Placement started on December 1, and of 1,341 students, 239 have got jobs.
Global financial major Barclays has offered 11 students an annual package of Rs. 22 lakh (2.2 million), the highest so far this year.
“Salaries may go up further. One hundred and fifty companies have confirmed participation and the number will go up to 200. Several firms may have to go back empty-handed,” said institute Director Damodar Acharya.
Barclays Capital, Deutsche Bank, Morgan Stanley, JP Morgan, Nomura Securities, Goldman Sachs, Credit Suisse, IBM, Microsoft, British Gas, Texas Instruments and Yahoo are in the race to pick students.
Engineering companies like Daimler, Tata Power, Powergrid Corporation, IndianOil Corporation too have made offers.
“Architecture engineering students were placed on the first day in some of the best-known multinational corporations, something that has never happened before,” said S.K. Srivastava, the professor in charge of placement and training.
While the average annual salary offered so far is Rs. 9 lakh (0.9 million), Deutsche Bank has offered Rs. 12 lakh (Rs 1.2 million), IBM Rs. 14 lakh (Rs 1.4 million), Hindustan Unilever Rs. 14 lakh and ITC Rs. 10.6 lakh (Rs 1.06 million).
“Our placement this year confirms the slowdown is over,” Acharya, the institute director, said.