IIT Bombay placements: Minimum salary package falls to Rs 4 lakh per annum as only 75% students land jobs

The silver lining in the report was that the average annual salary package of the students stood at Rs 23.5 lakh, an increase of 7.7 per cent from the last academic year's Rs 21.8 lakh.

The Indian Institute of Technology Bombay (IIT-Bombay) saw a rise in average annual salary offered to its students during the 2023-24 placement drive but, the minimum package offered dropped to an all time low of Rs 4 lakh per annum.

Ten students accepted offers between Rs 4 lakh and Rs 6 lakh per annum. 558 offers of more than Rs 20 lakh CTC were made by 123 companies of which 22 offers were of above Rs 1 crore per annum, a report released by IIT Bombay said.

The placement report for the 2023-24 academic year, also indicated that fewer students compared to last year got placed this time. While in the placement drive of 2022-23, 82 per cent students landed jobs, the numbers stood at nearly 75 per cent this year.

Addressing the lower percentage of placements this year, the report identified, self-employment and higher studies as the reasons. "Most of the remaining unplaced students have identified avenues to be gainfully employed. Some of the unplaced students prefer higher studies, self-employment, or entrepreneurship over the jobs being offered to them." it said.

1845 students had actively participated and 1516 job offers were accepted in the last academic year. On the other hand, 1979 students actively participated in the campus drive that concluded on July 7, 2024 of which 1475 job offers were accepted.

"The number of registered students is 2414 in the current placement drive and has increased by 11 per cent in comparison with the year before. IIT Bombay has achieved the second highest of 1475 this year, compared to the highest ever number of students placed in A.Y. 2022 - 23 with the total number of accepted offers being 1516," the report read.

Of the 1475 placed students, 78 got jobs outside India, 775 were placed in Multinational Companies in India, while 662 got recruited in Indian companies.

The report mentions that the average annual salary package of the students stood at Rs 23.5 lakh, an increase of 7.7 per cent from the last academic year's Rs 21.8 lakh.

A total of 364 companies offered jobs in the campus placement drive. "The total number of companies offering jobs has increased from 324 companies last year to 364 this year, a 12 per cent increase," the report mentioned.

78 international firms based in Japan, Taiwan, Europe, UAE, Singapore, USA, Netherlands, and Hong Kong made offers which is an increase from previous year's 65. "Due to the war in Ukraine and the subdued global economy, we saw fewer international recruiters," the report noted.