Inaugurating a loan mela of the Shriram group at Karaikudi near Sivaganga, he said during a job placement, held by a leading software company in Sivaganga district, only 19 out of the 57 engineers (who were interviewed) were selected.

The reason given by the company was though the students had very good technical knowledge, they could not communicate well in English. Though it was not necessary to speak like an English professor, students should be able to communicate fluently in English, Chidambaram said.

He suggested that companies like Shriram, and Alagappa university could take up training students in spoken English.

He said nationalised banks had their own limitations in giving variety of loans. "That is why I want both public and private sector to be involved in financing activities, he said