That the economy is turning around can be felt on the campus of the Indian Institute of Technology, Bombay, where the placement season looks promising.
More companies, including foreign blue-chip ones, are back at IIT-B, with offers of higher salaries than last year.
Already, more than 170 companies have approached the premier engineering institute for pre-placement talks before placements actually begin on December 1. Last year, around 150 companies had come to the campus with job offers, but this year the target of 200 companies appears realistic.
The average pay packet on offer has also gone up by 30 to 60 per cent over last year. Companies have increased their intake and the profiles have improved said Ravi Sinha, head of placements, IIT-B.
“The increase is because the economy is recovering. The finance and consultancy sectors have the best offers, while the engineering sector is still recovering,” said Sinha.
Economists view this as an important indicator in the mending process of the economy. “Recent international surveys put India at the top for employment. Industrial production rose by 10 per cent in August,” said D.H Pai Panandiker, economist and president of RPG foundation. “By 2010, there will be a strong revival of employment in the corporate sector.”