80% MBA Freshers Won’t Get A Job; Assocham Blames Demonetization!
Assocham has directly blamed demonetization, along with lacklustre economic growth for this terrible state of jobs in India
Leading industry body Assocham has declared that 2017-18 shall be the hardest year for placements, as 80% of fresh MBA graduates from B-category colleges won’t be able to get any job.
And, in a blunt attack on Govt. policies, Assocham has directly blamed demonetization, along with lacklustre economic growth for this terrible state of jobs in India.
Is Assocham true in their assessment?
Only 20% MBAs Will Get A Job: Assocham
The Associated Chambers of Commerce and Industry of India or Assocham is one of the leading trade bodies with 4.5 lakh businesses part of their lobby.
They are always leading the efforts for job creation, and when they claim that only 20% of fresh MBA passouts from B-category colleges will get a job this session, then the matter is indeed serious.
In their statement, which reflects pure desperation and helplessness, they said that placements have gone down from 30% last year to 20% this year, besides heavy cuts in salary packages is also possible.
“Grim placement scenario is reflected in B-school campus hiring this year which has gone down severely than last year which was 30 per cent. The salary packages which are offered at B-schools and engineering colleges are also being curtailed by 40-45 per cent as compared to last year,”
These details were revealed by The Assocham Education Council (AEC).
Demonetization Causing Less Jobs?
As per AEC, demonetization along with ‘lacklustre business sentiments’ and lack of new projects are among the major reasons due to which less jobs exists for MBA graduates.
AEC also found that MBA colleges are not able to attract students as well, and overall the educational industry is on a downfall. AEC said that since 2015, more than 250 B-schools have shut down in cities like Delhi-NCR, Mumbai, Bangalore, Ahmedabad, Kolkata, Lucknow, Dehradun. Atleast 99 major business schools are right now fighting to survive, as per Assocham.
Such is the grim situation, that parents are right now scared to invest lakhs of rupees and 3-4 years for a degree, which will hold no value in future.
The report by Assocham also finds major gaps between the quality of education provided in Tier 1 cities and Tier 2,3 cities, as management schools in these places are not able to absorb the newer aspects of education, and students are falling behind in the race.