Economic Times of India
With U.S. Job Market Bleak, Students Look to India
As the West reels under slowdown, students from world over are shying away from the US and homing in on an unexpected location, India. With the job scene getting more and more disappointing in Europe and the US, many students have started feeling that India offers a better platform for career growth.
Sunghoon Kim, an MBA student from Rotman School of Management, Canada, is doing his internship at Infosys, as part of its instep programme.
"The job market in Canada is not good. Many of my seniors are struggling to find the right job. I think I will go to Korea or India, which are emerging fast and have better opportunities," the 25-year-old said.
A fellow intern at Infosys, Lee Leng (Kerry) Lau is doing his MBA from the Asian Institute of Management, the Philippines. "The economic situation is bad. Lots of people are coming back from the US and the UK to India. I think cities like Bangalore and Mumbai have a lot of opportunities and there is a lot of entrepreneurial spirit. The world is becoming flat and globalised," he said.
Software major TCS has come up with internship for foreign graduates (non-TCS employees) for 12 months in India. "Over 50 students from overseas universities underwent internship at TCS in FY09, up from 20 in FY08," said Ajoyendra Mukherjee, vicepresident and head of the company's global HR wing. "We have seen the number of international students doing internship in TCS rising significantly in the last few years."
Over 86 institutes from the US, Canada, Brazil, Asia Pacific (APAC) region, Europe and the UK have benefited from TCS' Global Academic Interface programme in FY09, up from 75 in FY08. Over 11,000 professionals of foreign origin from 67 nationalities currently work in TCS.
"We are seeing 25% increase in the number of foreign students joining MindTree for internships. This is because getting internships is more difficult now in the US and the UK due to the economic slowdown," the company's senior vice-president (HR) Puneet Jaitley said.
Biotechnology firm Biocon have eight students from foreign universities like John Hopkins, MIT, Glassgow and Houston University. "We also get students from top B-schools in the US. Most of the interns are Indians who have gone abroad for higher studies. Others are students of Indian origin who have grown up and studied abroad and are looking at an exposure in biotechnology," said Ravi C Dasgupta, group head, HR.
"The job market is not good due to the financial crisis. Many big companies are in trouble. I may go to some other country for better opportunity," German student Danail Hristov (24), from the University of Mannheim, who is doing a masters in business informatics and doing his internship in India.