- The virus has not impacted foreign jobs from IIT Madras
- IIT Bombay has said there have been no cancellations of job offers
- The coronavirus pandemic has a massive impact on global economy
The highly contagious coronavirus pandemic, which has infected over 2.5 million people worldwide, has had a massive impact on the global economy. Growth rates have plunged, millions have lost jobs and offers made in healthier and happier times are now being reconsidered.
The contagion has also not spared the graduates of India's premier institutes - like IITs and IIMs - where high-paying jobs are practically guaranteed after graduation.
Jobs offered to six students of Indian Institute of Technology in Madras have been revoked by companies due to the pandemic, but the institute - ranked number one under the Education Ministry's overall institutions category and engineering institutions category – says there have been no cancellations of overseas job offers.
924 students have been offered jobs by 252 companies that have visited the campus so far, IIT Madras said, and added the recruitment process for the remaining 300 plus students will continue till the end of the academic year. This is eight jobs less than the 932 placements achieved last year.
The virus has, however, not impacted foreign jobs. 34 students have been placed abroad and there have been no cancellation of international job offers, the statement added.
"Remuneration packages have not been impacted so far although some companies have extended the date of joining," Placement Advisor of IIT-Madras, Professor CS Shankar Ram said.
Meanwhile, IIT Bombay has said there have been no cancellations of job offers, but the placement process has been postponed until the campus reopens.
The Indian Institute of Technology in Guwahati has assured its students that no employment or internships offers have been withdrawn although some companies have postponed the date of joining.
"Even in the current uncertain situation, the Institute is happy to note that placements have not been impacted so far. No offers, domestic or international, have been withdrawn. However, a few companies have postponed the date of joining," the institute told its students.
IIT Guwahati said it is consulting companies to assess the feasibility of work from home model for the graduating students.
The Indian Institutes of Management, Bengaluru, has also issued a statement to reassure its graduates that companies have "promised that they will honour their commitment to students".
"IIM-B has a long standing relationship with its recruiters. Many of them have promised that they will honour their commitment to the students and the Institute even during such difficult times. IIM-B will help all its students if they face difficulties regarding their summer internship or full time employment," Professor U Dinesh Kumar, Chairperson, Career Development Services of IIM Bengaluru, said in a statement.
Speaking to NDTV in his personal capacity, Bhupendra, a fresh graduate from IIM Bangalore's postgraduate programme in public policy and management, said, "Due to the envisaged poor performance of the economy, the placements were not very bright this year. COVID-19 has added to the damage. Speaking to my batchmates, friends and following their LinkedIn posts, it seems 5 per cent to 10 per cent of internship offers have been cancelled. In terms of job offers, very few offers have been cancelled, but the joinings have been delayed, even by months. This may be due to the lockdown - things should be clearer by the end of May."