IIT Bombay minimum salary drop to Rs 4 LPA, average package is...

IIT Bombay 2024 Placement: The Indian Institute of Technology (IIT) Bombay recently revealed a significant decrease in the minimum salary packages offered to students during the latest placement season. The lowest salary offer this year has dropped to ₹4 lakh per annum, which is a notable decline from the ₹6 lakh per annum offered last year.

Despite this drop in the minimum salary, the average salary package has shown an upward trend. This year, the average annual package rose by 7.7%, reaching ₹23.5 lakh, compared to last year's ₹21.8 lakh. However, the overall placement success rate at the institute has decreased. This year, only 75% of students who actively participated in the campus placement drive managed to secure jobs. This is a decline from last year, where 82% of the students were placed, with a total of 1,475 job offers accepted.

On a positive note, the number of companies participating in the campus drive increased. This year, 364 companies took part in the placement process, compared to 324 companies last year. This increase highlights a strong interest from employers, even though the job acceptance rate has gone down.

One of the brighter aspects of the placement season was the rise in international job offers. A total of 78 international offers were accepted across both phases of the placement season, including 22 offers that exceeded ₹1 crore per annum. The engineering and technology sector led the recruitment drive, with 430 students being hired by 106 core engineering companies.

The Information Technology sector also saw a slight increase in hiring compared to last year. Additionally, major recruiters from the trading, banking, and fintech sectors made 113 offers through 33 financial services firms.

In total, 775 students secured placements with multinational corporations operating in India, while 622 students were hired by Indian companies. However, there were some declines in other sectors. The design sector, for instance, offered only 33 positions through 17 companies, a decrease from the previous year. The education sector also saw limited participation, with just 11 companies making 30 job offers.

In the research and development sector, which covers areas like automation, energy science, and artificial intelligence, 36 organizations participated, offering a total of 97 positions during the 2023-24 placement season. Despite the challenges, these sectors continue to attract attention from both students and employers.

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