India's MBA graduates face bleak job prospects

Mon Jan 12, 2009 7:57pm EST
 
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By Kshitij Anand

NEW DELHI (Reuters) - When the MBA students at India's top business schools began their studies their future was full of promise as companies tripped over each other to lure graduates.

But 24 months of study and a financial meltdown later, prospects are glum for the estimated 120,000 business school graduates who will enter the job market in March after their final exams.

"Everyone is scared," said Neha Verma, who is one of a crop of 20-something management graduates at a New Delhi college.

In past years, firms riding the wave of India's economic surge would fight over the newly minted talent produced by India's prestigious business colleges as they scrambled for an advantage in a country with a lack of middle-management talent.

Nowadays, jobs for graduates are drying up as India's economy feels the pinch of the global recession.

"The fact is there is a hiring slowdown," said Sudip Bandyopadhyay, chief executive officer of financial services firm Reliance Money, a unit of Reliance Capital.

"Anybody denying it is just trying to bury his head in the sand."

While Reliance Money is recruiting for recently launched wealth management services, Bandyopadhyay said his company is an exception in a bleak job market and slowing economy.   Continued...

 
<p>Abhishek Chaudhary, a B-School (business school) student, works on his laptop inside his house in New Delhi January 7, 2009. When the graduating students at India's leading business schools began their studies, their future was full of promise as firms tripped over each other to lure graduates to their companies. But 24 months of study and a financial meltdown later, prospects are glum for the estimated 120,000 business school graduates who will enter the job market in March after their final exams. Picture taken January 7, 2009. To match feature INDIA-BSCHOOLS/ REUTERS/Kshitij Anand</p>