The Indian Institute of Management, Calcutta (IIM-C), has decided to refund the course fees of students of its two-year flagship post-graduate programme if they join a public sector undertaking (PSU) or an NGO.
"With the kind of salaries offered by private firms, PSUs find no takers at the IIMs. To help alter this situation a bit we are planning to refund the entire course fees of the students who join a PSU or an NGO after the completion of their course at IIM Calcutta," said Shekhar Chaudhuri, director, IIM-C.
"These days the IIMs charge huge tuition fees. The fee for our two years of the flagship course is R13.5 lakh. And mostly students take education loans to pay this fee, knowing fully well that by the end of the course with the kind of job they would get they would be able to make the repayment comfortably. But a PSU job might make that tough."
For this arrangement, however, there is no provision for reimbursing the IIM for the tuition fees foregone.
To ensure that a student does not leave a PSU immediately after joining, the IIM will decide on a minimum period she or he has to serve there. In 2009, the year of recession, PSUs had pitched tent at IIM-C, recruiting 34 students. But there was no hiring in 2010 or 2011.
"Because of the batch size of 460 students, PSUs might find some students during the final placement," said Amit Dhiman, head of the career division and placement cell of IIM-C.