The impact of Coronavirus pandemic is being felt across all sections of the Indian education sector. While most students are waiting for the resumption of academic activities after the lockdown is lifted, the problem for the final year students in business schools across India is even more serious.
Most business schools in India conduct their placement sessions between December and April. But due to the situation created by the pandemic, most business schools have either halted their placement process or have left it incomplete.
For instance, ISB, which is the leading business school of India, has completed placements for 96% of the outgoing batch of 2020, but around 36 students are still left to be placed.
The confusion is prevailing across other leading management institutes in India as well. Some companies like PwC are using video conferencing tools like Skype or Zoom to complete the interview process for the candidates, but most of the recruiters have postponed the process till May.
Everybody is wondering what will happen to the business school placement process in the year 2020. Will the effect or Coronavirus be felt on placements for outgoing batches for 2021 and 2022 as well?
This presents a unique problem for the students because there have not been any such instances in recent history. But there is one way to assess the impact of Coronavirus on the placements and future of students.
By studying the impact of past major events in the global economy like the 2008 financial crisis, which triggered the global recession, it is possible to understand the impact Coronavirus will have on the placements.
It is important for countries to strategize different ways of combating the effects of Coronavirus on the future of the global economy. Most experts have stated that the global economy has already entered a recession due to Coronavirus.
So, the focus should now be on combating the recession and ensuring recovery of the global economy because that has been done before, during the 2008 crisis, and is certainly possible one more time.
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