Summer of discontent at IIM-I as slump bites

The global economic slump has affected the summer placement at IIM, Indore.

Some students from the institute, which was the first business school to organise summer placements, failed to secure internships during the placement that ended on Monday. And those who have managed to get one have not got lucrative packages.

The highest package was bagged for a two-month international internship with Vega Foods for Rs 1.15 lakh. The highest domestic offer stood at Rs 50,000 for a similar internship with Coca-Cola. The highest package last year was the double of this.

Other FMCG companies, such as Procter and Gamble, HUL and Marico, also offered placements. The list of other companies include a couple of private fund management firms and Sony Entertainment Television (SET).

Although the institute did not disclose the exact number of placements, it said that the process would continue over the next month.

Anindya Biswas, secretary of media and public relations committee of IIM Indore, said, “Given the current scenario, it would be expected that placements, especially summer placements, would be affected. The effect that we have observed has been more in terms of variety of companies visiting the campus for summer placements rather than quality and quantity of companies. The situation, in a way, has helped open up new avenues and areas of interest. Participants have shown a keen interest in niche sectors that did not get as much importance previously.”

Predictably, investment banks affected by the financial meltdown, like Lehman Brothers, AIG, Morgan Stanley and Merril Lynch stayed away this time. JP Morgan Chase and Edelweiss were exceptions.

Source: Economic Times

http://economictimes.indiatimes.com/News/News_By_Industry/Summer_of_discontent_at_IIM-I_as_slump_bites/articleshow/3625613.cms