IIM-A grads turn down Rs1-crore job offers, to start own business

Mumbai: Vineeta Singh, a 23-year-old graduate from the Indian Institute of Management, Ahmedabad, who was offered a Rs1 crore-plus annual package by Deutsche Bank, has turned down the offer in favour of starting her own business.

Last week, Vineeta had made headlines when it was revealed that the German bank had made her the astounding offer, shattering all previous records in India. International banks offer such packages to students passing out of prestigious international B-schools like the Harvard Business School.

Deutsche Bank had offered associate-level jobs to six IIM-A students, and four other IIM students in Bangalore and Kolkata. The compensation package ranged from Rs8 lakh to Rs1 crore. But days after the bank made its offer to appoint her as an associate the IIM-A graduate decided she really did not want it.

Of course, Vineeta is not alone. Some other IIM graduates have also decided not to work for multinationals, but try their hand at business or even founding a NGO, in a country that is recording 8 to 9 per cent economic growth.

Debashish Chakravarty, another IIM-A student who turned down the job offer, said "the challenge of entrepreneurship was more exciting than a cushy job." Debashish, Vineeta and two other IIM-A grads plan to start a women's lingerie business, where they see tremendous opportunities. They are seeking funds from venture capital funds.