Private Engineering Colleges Witnesses Huge Drop In Placements: "Stop Fattening Cronies’ Wealth," Sitaram Yechury To Modi Government (image: facebook.com/ComradeSRY)Sitaram Yechury, General Secretary of the Communist Party of India (Marxist) – CPI (M) -, referring to the private engineering institutes’ huge drop in placements, commented on Tuesday that Modi government should stop fattening cronies’ wealth and instead it should invest in job generating public works and boost demand. The report, he says, depicts the reality of sharp decline in people’s purchasing power.
Taking to social media platform X, Mr Yechury writes: “Reality of sharp decline in people’s purchasing power. Fall in demand leading to job losses, economic slowdown & destroying India’s demographic dividend. Modi govt must invest in job creating public works & boost demand. Stop fattening cronies’ wealth.”
Reality of sharp decline in people’s purchasing power.
Fall in demand leading to job losses, economic slowdown & destroying India’s demographic dividend. Modi govt must invest in job creating public works & boost demand. Stop fattening cronies’ wealth.https://t.co/NDc1HTMWPQ pic.twitter.com/pyHOlK30kf— Sitaram Yechury (@SitaramYechury) November 14, 2023
Private engineering colleges in India are reporting a 50-70% drop in placements since “macroeconomic challenges” compel companies, especially in IT sectors to slash hiring, a recent article published on Economic Times denotes. The cut back on hiring forces the engineering institutes to revise their plans.
In the previous two years IT service providers – major campus recruiters – who were a greater force in hiring are now reconsidering their plans “amid a slowdown in client spending,” reports ET. It also said that hiring for other engineering streams is “either flat or low.” Various private institutes shared their similar experience with ET.
The publication reports that information from other colleges and universities signal “an equally gloomy picture for placements in the engineering streams,” whether it be electrical, biotechnology, aeronautics, electronics instrumentation and control, electronics and communication, or biomedical science.