8,000 IITians remain unemployed; minimum salary for IIT Bombay graduates drops to ₹4 lakh per annum | Mint

IIT Bombay on Tuesday announced that nearly 75 per cent of its students have found jobs during the campus placement season for the 2023-24 academic year. Hindustan Times Report.

According to the recently released placement report, 2,414 students registered for the placement drive, which is 11 per cent higher than last year. This year, the institute achieved its second-highest placement figure in history, with 1,475 students securing places, slightly lower than the record of 1,516 placements set in 2022-23.

The Indian Institutes of Technology (IITs) often boast of impressive placement statistics, but a recent analysis reveals a more worrying picture. Contrary to the widely publicised success stories, a large number of students from these prestigious institutes remained unemployed after the 2024 campus placement season.

A recent analysis of placement data has revealed that a large number of students at the Indian Institutes of Technology (IITs) will find themselves without a job in 2024. According to IIT Kanpur alumnus and placement mentor Dheeraj Singh, who shared three years of data on LinkedIn, the number of students without jobs has almost doubled this year compared to 2023.

Data compiled by Singh from 23 responses received under the Right to Information (RTI), annual reports, media coverage and student opinions show that of the 21,500 students who registered for campus placements at IITs in 2024, only 13,410 got jobs, while 8,090 students are still looking for employment.

This shows a sharp increase in the number of unplaced students compared to 2023, when around 20,000 students had registered for placements. Of them, 15,830 successfully got jobs, with an average annual package of Rs 17.1 lakh per annum, while 4,170 students were left without a job offer through campus recruitment.

Similarly, in 2022, out of the 17,900 registered students, over 3,000 did not find jobs during campus placements at IITs. Singh mentioned in his LinkedIn post that the average cost to company (CTC) that year was Rs 17.2 lakh per annum.

The report highlights that three out of four students managed to find their dream job despite the current economic challenges, resulting in a 75 per cent placement rate. The average salary package calculated on a Cost to Company (CTC) basis witnessed a growth of 7.7 per cent, rising from Rs 21.82 lakh per annum last year to Rs 23.5 lakh per annum, indicating a strong recovery in the job market as economic activities resume. Post COVID-19,

The number of companies recruiting has also increased, with 364 organisations participating this year, up 12 per cent from the 324 companies that participated last year. The report also found a significant rise in placements for mechanical engineering students, with 217 students getting placed this year compared to 171 in the previous academic year. However, the number of computer science students has declined, with 242 placements this year compared to 273 last year.

The report also mentioned that most of the remaining students have found alternative employment opportunities. Some students chose to pursue higher education, self-employment or entrepreneurship instead of the available job offers. Additionally, almost all participating companies honoured their job offers. Notably, 32 out of the 118 registered PhD students accepted job offers.

Placement Statistics:

Total number of students registered: 2,414

Number of active participants: 1,979

Total number of proposals accepted: 1,475

Total number of job offers: 1,650

Job offers above Rs 1 crore accepted: 22

Pre-placement offers accepted: 258

International job offers: 78

Average CTC from offers allotted: INR 23.50 LPA

Average Salary: INR 17.92 LPA

Top Recruiting Sectors: Engineering & Technology

Salary Distribution:

Above 20 LPA: 558

Between 16.75 to 20 LPA: 230

Between 14 to 16.75 LPA: 227

Between 10 to 12 LPA: Rs 161