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It is brain drain reversed. Ten students of the Indian Institute of Management, Ahmedabad have rejected offers for abroad to take up positions in India. Though there have been such instances in the past, this is the first time that so many have spurned international offers.
This also underlines the fact that India is fast emerging as one of the most preferred destinations for management students. Students from internationally reputed B-schools are coming to Indian corporates for training.
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Kanishka Raja, a student of IIM-A put it quite simply: "India is changing fast. By 2020, it is going to be completely different from what it is now."
Raja, who turned down an offer by Bain and Company, one of the top global consulting firms, has instead opted for a job with Boston Consulting Group.
Raja was offered a $90,000 pay package by Bain and Company and a posting in Singapore, but settled for a job with Boston Consulting where his pay package will range from Rs 12 to 14 lakh (Rs 1.2-Rs 1.4 million) to be placed at Mumbai.
"I believe that with a wider variety of job profiles here in India, I could make a positive difference staying back here itself. Although money is always a big consideration, I do not think that money made a difference to me while taking the decision," said Kanishka, who has no previous work experience.
He was offered the position of an entry level foreign consultant at Bain and Company. Kanishka did his electronics engineering from BITS before getting an entry into IIM-A.
There is also the case of Vipul Kedia, who was told that PNG was going to make an offer in its marketing division and that he would be based in Singapore.
"Although a formal offer was not made, I was told that PNG was making a marketing offer. However, I did not want to do anything not connected with IT, as I have a passion for information technology," said Kedia, who has joined the IBM Business Consulting division with a pay package of Rs 820,000.
Besides these, he also had offers from Congnizant Technology Solutions and Tata Administrative Services.
IIM-A director Bakul Dholakia said that while students of IIM-A have turned down international offers in the past too, this is the first time that so many students have turned down international placements.
"Even though the salaries were lower in the Indian offers, the students have opted for Indian postings. Students have sought a richer work profile," he reasoned.