Future job and career opportunities after PMRDF course

I see that despite close to 12-13 thousand people applying, there remains a serious doubts and uncertainty over future prospects after the course.
First, some basic information - the actual course duration is only 2 years, which includes an orientation period of three months. after this one is entitled to a degree of M.Phil.in Development Practice from TISS.

Post these 2 years, one is required to spend one year in public service as a paid full-time employee of the State Rural Livelihood Mission (SRLM) in the State she/he is assigned to. This almost guarantees one year employment with 90 k salary (if you are eligible for full 10 percent increments in both years)

Alternatively, or post that one year, NRLPS might provide placement assistance. Last year's brochure had these lines -
"PMRD Fellowships are intended to provide young professionals interested in a career related to rural development in general and tribal areas in particular, a rich experience to improve their value in employment market. Fellowships are not linked to jobs. It is expected that Fellows will be sought after by Rural Development agencies at State level and Tribal Development organisations for their knowledge and expertise. Corporate bodies engaged in CSR work in rural areas, NGOs and other Consultancy organisations are also expected to recruit Fellows for their experience. The NRLPS will facilitate this process by providing a campus recruitment mechanism."

It means that there might be placement assistance but certainly no guarantee is being provided. Additionally, this paragraph was removed in late November, 2013 from the brochure. Whether this was intentional or not, is not known.
Hence, arrangement of a placement week or assistance of some sort  is not an entitlement and is completely discretionary. Its better not to rely too much on it.

What options does one have actually?

You can get jobs at NGOs, state development agencies, etc. - these don't pay that well usually but not necessarily as you may get senior positions.(It is estimated that hundreds of foreign funded organisations work in India actively. They pay well, last year I saw few job postings at gates foundation/ world bank, etc. for people with 3-4 years in development sector and pay ranging 12-18 LPA.)

Entrepreneurship - you can start your own NGO, development consulting for govt. companies, agencies, international organisations like Bill and Melinda gates foundation, World Bank etc. Their contracts run in crores. The new CSR law may open up new opportunities as several mid sized firms (with 5 crore plus profits) would prefer to outsource CSR activities or have consultants for implementation infrastructure setup.

Corporate jobs - CSR activities are on a rise and Big companies like Tata, Wipro, Reliance have separate wings or organisations dedicated to it. I know several IIM grads who work exclusively on such CSR activites. The pay package is good enough and the job may offer opportunities to switch to other domains later.
Apparently, TISS has dedicated 2 year programs in dev studies as well as social work which fail to attract corporate in significant numbers. Also, Even those recruited are said to have been discriminated vis-a-vis the HRM&LM program which is a hit among companies and is ranked 2nd in HR Management next to XLRI, Jamshedpur. So, this option, though lucrative, is less probable to get.