Recession Hits Premier Educational Institutions
January 17, 2009 by Uttoran Sen
Filed under India News
The recession virus is spreading fast. It is spiraling in all directions and causing devastation across all sectors and fields. The negative effects can be felt everywhere now. Indian financial, economic experts’ and political leaders’ statements like ‘India will not be affected by the global recession’ and that ‘The recession will only be felt in fields connected with exports’ don’t hold water anymore. The phenomenon seems to be all encompassing with even the educational sector in India feeling the pinch.
Most established and accredited educational institutions and colleges in India follow an onsite campus enrollment policy. With the severe economic crisis everywhere there seems to be a downturn in the actual number of placements achieved in the last few months. This negative trend has not left alone the premier educational institution of India, the Indian Institute of Technology, which has campuses in many parts of the country. In fact the impact has a deeper impact on IITs than other institutions if sources are to be believed. The downswing in the economy means downsizing and economizing for a lot of companies. Existing jobs are shelved and new job offerings are few and far between. Companies prefer cutting losses, overheads and become very conservative players during the bad times.
The result is, very few opportunities for candidates with or without sound academic credentials. Apparently, the list of corporate and global multinationals recruiting candidates from the IITs has dropped down considerably the last few months. The percentage of companies looking to select candidates from this reputed institute has dropped by 30%. Some students say the success percentage of campus placements have dropped down to a miniscule 10%. The public sector has become the choice of the IIT passers considering the job insecurity the private sector offers during the hard times.
A sad state of affairs indeed for an institution that prides itself on being the foremost institution in imparting professional education and training and one, which is much, sought after by students and their parents alike. If this is the case of one of the finest colleges in India, there is nothing there to be said of lesser-known colleges. Looks like nobody can escape the recession bug for now.
the Economic Recession has been pretty hard on us. some of my friends lost their job because of the massive job cuts. i just hope that our economy becomes better in the following years.
hi liquidmelatonin,
yes its a kind of vicious circle, people lose jobs the purchasing power goes down, no purchases = excess supply, more job cuts and economy goes down further… it will take time, the bail out funds are the only way for now…
the Economic Recession made a lot of people jobless but at least there is some good progress on the economy this year. i just hope that the economy will continue to recover in the following months and years.
i am hoping that the global economy would recover from this economic recession. life has been very hard with these massive job cuts.
Economic recession created huge unemployment rates around the world. I think the world economy is already on the road to recovery.
had recently herpes virus found in my blood. what I haveto do??? I’m in panic…
go visit a doctor?
the Economic recession made a lot of jobless people in my own country. We could only hope that our economy becomes strong again
I think we are also seeing some signs of recovery from the Economic Recession. Of course, we have no idea of how long it will take to completely recover, but some say it’s going to be longer than for the other recessions in decades. I also scanned an article yesterday that said business owners need a new set of tactics to do well during recovery.
hi Acneguy, welcome to sniff india and thank for your comments,
yep, people have to change their business strategy to come out of recession,
Our home business was really affected by the Economic recession, we have to cut jobs just to cover up our losses. fortunately, we have already recovered. ‘