This year, only 22 offers exceeded Rs 1 crore, partly due to global economic uncertainties like the war in Ukraine affecting international recruitment
Placements at IIT-Bombay concluded in 2024 with an increase in the average annual package, which rose to Rs 23.5 lakh from last year’s Rs 21.8 lakh, a 7.7% hike. However, fewer students were placed through the campus drive compared to the previous year.
The minimum package offered this year dropped significantly to Rs 4 lakh per annum from Rs 6 lakh last year. Ten students accepted job offers in the Rs 4-6 lakh range. Among the 123 companies participating, 558 job offers exceeded Rs 20 lakh per annum, and 230 offers were between Rs 16.75 lakh and Rs 20 lakh. The institute saw a 12 per cent increase in companies recruiting, with 78 international offers accepted across both placement phases. However, only 22 offers exceeded Rs 1 crore, partly due to global economic uncertainties like the war in Ukraine affecting international recruitment.
A total of 775 students were placed with multinational corporations in India, while 622 joined Indian firms. The second phase of the placement drive began slowly but gained momentum after April, yielding around 300 job offers.
Out of 543 companies that registered for the placement, 388 participated, and 364 made offers. The overall placement rate hovered around 75 per cent, with most remaining students opting for higher studies or alternative career paths.
The engineering and technology sector led the placements, hiring 430 students across 106 companies. IT and tech hiring also saw a slight uptick this year. However, consulting firms made only 117 offers, a decrease from the previous year. The finance sector remained active, with 113 offers from 33 companies.
New sectors such as AI, machine learning, product management, and data science continue to have high recruiting trends. However, just 30 vacancies were available in the education sector from 11 different firms. In R&D, 36 organisations hired 97 individuals, with a strong interest in automation, energy science, and AI/ML. Out of the 118 PhD applicants, 32 were successfully placed.
Meanwhile, CNBC-TV18 reported in June that around 32% of IIT graduates from the 2016-2019 batches did not find employment through campus placements, citing data obtained through an RTI inquiry. Discussions over the difficult placement environment at India’s top tech institution have been further stoked by this issue.However, certain IITs have reported an increase in campus recruitment for 2023. Placements increased at IIT Guwahati, IIT Jodhpur, IIT Hyderabad, and IIT Dhanbad, according to the report.
