Minimum salary package at IIT Bombay drops to $4,800 during placement season

Salary packages as low as Rs 4 lakh ($4,764) have been offered to students during the recent placement season at the Indian Institute of Technology (IIT) Bombay. The lowest package offered last year was around Rs 6 lakh ($7,146).

As many as 10 students are believed to have accepted job offers in the range of Rs 4 lakh to Rs 6 lakh per annum, according to a report in Economic Times.

The premier educational institute of the country saw 543 companies registering for placements, out of which 388 came to the campus while 364 made offers.

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While the lowest salary package decreased, the average annual package experienced a slight increase of 7.7 per cent - rising from Rs 21.8 lakh ($25,965) in 2023 to Rs 23.5 lakh ($27,990) in 2024.

At the same time, the placement percentage hovered around the 75 mark, which was a seven per cent decrease from last year's placement rate.

"Most of the remaining unplaced students have identified avenues to be gainfully employed," a report by IIT-Bombay stated.

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Sector-wise hiring

Cumulatively, 775 students secured job offers in multinational corporations in India, while 663 were placed in Indian firms.

"This year, we saw a 12 per cent increase in companies recruited from IIT Bombay. 78 international offers were accepted in both Phases of the IIT Bombay Placements for AY 2023-24, while 22 offers of above Rs 1 crore per year were accepted during this drive," it added.

The engineering and technology sector recruited the highest numbers of students, with 430 students securing entry-level positions in 106 core engineering companies.

IT and tech hiring also saw a slight uptick compared to last year due to artificial intelligence andmachine learning remaining the buzzwords of the year.However, consulting offers were considerably less this year, with only 29 companies recruiting 117 students.

The finance sector companies secured the services of 113 IIT-B graduates, while at least 17 design companies offered 33 jobs, which was lower than last year's numbers.

In the research and development segment, where companies are involved inchemical and mechanical research, energy efficiency solutions, semiconductorsand research laboratories - a total of 36 organisations turned up and offered 97 positions.

(With inputs from agencies)