IIT Bombay salary package drops to Rs 4 lakh

Business: Indian Institute of Technology (IIT) Bombay has seen a significant drop in its minimum salary package during the recent placement season. The lowest salary package offered to students has dropped to Rs 4 lakh per annum, a significant drop from last year’s figure of Rs 6 lakh. While the minimum salary package has dropped, the average annual package at IIT Bombay has increased by 7.7 per cent to Rs 23.5 lakh compared to Rs 21.8 lakh last year. However, the overall placement success rate has declined, with only 75 per cent of students who actively participated in the campus drive getting a job. This marks a drop from last year’s 82 per cent placement rate, when 1,475 job offers were accepted. 364 companies participated in the campus drive, a significant increase from last year’s 324 companies, indicating strong interest from employers despite a declining job acceptance rate.

Increase in international offers
In a positive development, IIT Bombay recorded a rise in international job offers, with 78 accepted across both phases of the placement season, including 22 offers that crossed the Rs 1 crore per annum mark. The engineering and technology sector led the way in recruitment, with 430 students selected from 106 core engineering companies. Additionally, the information technology sector experienced a marginal increase in recruitment compared to last year. Key recruiters from the trading, banking and fintech domains made 113 offers from 33 financial services firms.
Overall placements
Overall, 775 students secured placements in multinational corporations in India, while 622 found positions in Indian firms. Although the design sector offered 33 positions from 17 companies, this was a decrease compared to last year, and the education sector attracted participation from 11 companies, making only 30 job offers.