About 31 startups have been banned from on-campus recruiting by some of the most prestigious universities in India after reportedly cancelling thousands of job offers.
According to a report by BBC, attractive salaries offered by these fastest growing startups made the job enticing for many individuals; however, instead of providing an enabling business environment, many failed to materialise. As a result, leading Indian universities have stood up to fight against the operational issues faced by many of their students with these startups.
Around this time last year, Narendra Modi launched the Startup India, Standup India campaign. The campaign was launched with a slew of measures to enable entrepreneurship in the country. Twelve months down the line startups are still struggling to be profitable, which forces them to cut costs, laying off staff and halting hiring.
Sachin Kumar, an IIT graduate, had hoped he had that his $20,000 per year job would be secured with the company, but unfortunately it did not materialise.
This was the main reason he is not able to get another job elsewhere.
In an interview to BBC, he mentioned that other companies refused to hire him because they didn’t want to hire someone who was initially ‘hired with another company’. “It was a struggle for me to find a next job,” Kumar added.
The BBC report continued stating most of the companies involved blamed changing priorities....