U.S. firms' cost cutting phenomena hit IITians
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U.S. firms' cost cutting phenomena hit IITians

By SiliconIndia   |   Thursday, 30 October 2008, 09:13 Hrs   |    12 Comments
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Kolkata: The cost cutting phenomena of the companies has finally hit the IITians too. The offers made to 15 students of IIT Kharagpur are cancelled by the U.S IT firms Montolova, Magma Design Automation and Paradigm.

The students were given offer letters during the placements with a package of seven lakh rupees per annum along with incentives and perks. However, joining dates were delayed. "We were not worried when the letters were delayed, because we had never imagined in our wildest dreams that we would lose the jobs. When the regret letters landed, we were shattered," said one of the students.

As reported in Times of India, these B-Tech graduates were denied of recruitment by the firms on account of internal reorganizing. While Montolova and Paradigm did not issue a single joining letter to any of the nine students they had picked, Magma offered to three among another nine students it had promised jobs.

So, on account of the instability of the firms many recruiters have shunned the upcoming 2008-09 campus placement of IIT including two of these three U.S. firms who failed to recruit. Moreover, the other companies would join the placement scenario by slashing the number of jobs on offer.

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Reader's comments(12)
1: Ya it's Suppose to be happen
Posted by:rajan - 21 Oct, 2008
2: good to hear that IItians are also suffering :)
Posted by:bairav - 21 Oct, 2008
3: Nope. My mistake. The bug is that the commenting code chokes on an ampersand and there is no restriction on the size of the comment. Still, this is stupid. If certain characters are not supported then the same should be clearly mentioned. And the ampersand is a very commonly used character.

You don't have any IITians on board? Maybe it is time to get one. One should be enough. They are the best after all!
Posted by:Gautam Satpathy - 19 Oct, 2008
4: @Silicon India

You seem to have placed a restriction on the size of comments. This page and the comments section makes no mention of any such restriction.

Secondly, this code has a bug. If the first char of the comment is an ampersand (
Posted by:Gautam Satpathy - 19 Oct, 2008
5: and IITians are the best and hence anything that they do or have done to them is news worthy.

The IITs are the best we have. Saying they are not as good as the MITs and Oxfords of this world is like saying that a young college graduate in his first job is not as good as the veterans who have spent 15 years perfecting their knowledge and skills.

India has been free for 60 odd years. In that time we have built up institutions like the IITs, ISRO, ISC, AIIMS and many others. I for one am proud of what we have accomplished in 60 years. And I refuse to discredit these accomplishments because some other country has had 200 years or more to build theirs.

The grass is green in MY Valley !
Posted by:Gautam Satpathy - 19 Oct, 2008
6: @satya chatterjee

No hero worship in "those" countries? Have you been there? And nobody in India talks about Oxford, MIT etc? You seem to insist on spending your life with you head buried in sand, Ostrich fashion. Please open your eyes and look around. The IIT grads are everywhere, from NGOs to politics. IIT bashing is a common pass time for a lot of people. Sour grapes most of the time.

Note that many articles here at Silicon India are about the IITs and IITians. Why? Either the SI people don't like them or more likely because the IITs
Posted by:Gautam Satpathy - 19 Oct, 2008
7: The Other side is not Green is evident from this episode. One must remember that two birds in Bush land is not worth one in home land.
Posted by:Partha Sarathy - 18 Oct, 2008
8: This proves that western nations do not give a damn about IIt'S. These countries never encourage hero worship. How come IIT is a brand? No one in India talks about Oxford, Cambridge, Harvard , MIT , Stanford graduates as the real world brand. These universities are proud of their innovations in engineering fields. These universities are not undergraduate producing factories like the IIT'S. They are funded heavily by the private sector unlike IIT'S who are overfunded and do not produce any remarkable return . Forget about engineering. What about IT- none of the brand IT products are IIt brands. Therefore stop writing about IIT'S. India is very much exposed to the world nowadays.
Posted by:satya chatterjee - 18 Oct, 2008
Posted by:Manjulabalu - 17 Oct, 2008
10: Only The best from the fittest can sustain in the companies this world.
So keep fitting until you reach the goal.(Swami Vivekananda)
Posted by:sulthan ibrahim - 17 Oct, 2008
11: It is an global IT crisis .No matter it is IIT or any other professional college it has to face the curse of this global crisis.
Posted by:manu - 17 Oct, 2008
12: I met a Stanford MBA who graduated this year. He started at Lehman Brothers in the Bay Area and within weeks got laid off. We are all living in a tightly connected world, aren't we?
Posted by:Ramesh vasu - 17 Oct, 2008