IIT Bombay Refutes Claims of Imposing ₹6 Lakh Minimum Salary Requirement.

IIT Bombay

The Indian Institute of Technology (IIT) Bombay has recently denied the allegations of setting a new rule for the minimum salary of Rs. 6 lakh that the hiring companies must offer to the students. 

IIT Bombay has dismissed recent media reportswhich claims that they have requested companies not to make placement offers below Rs 6 lakh per annum as “baseless”, as per the institute’s spokesperson.

This report comes after last year’s placement season where seven companies offered as low as ₹4 lakh to 10 students from IIT Bombay.

During the IIT Bombay placements for the 2023-24 academic year, a total of 2,414 students registered for placements. Out of these, 1,979 students actively took part in the placement process, while 435 did not participate. Among the 1,979 students who participated, 1,475 students secured job offers, leaving 504 students without placements.

This means that 61% of the students who registered for placements successfully secured jobs, while 39% either did not actively participate or were not placed.

In terms of salary offers, 1% of students received offers exceeding Rs 1 crore, while the majority, 62% of placed students, received offers below Rs 20 lakh annually. The median salary offered was Rs 17.9 lakhs, and the average salary stood at Rs 23.5 lakhs per annum.

“Last year, we saw fewer IT firms due to a slowdown in bulk hiring, which followed the high demand during the Covid-19 recovery years in 2021 and 2022,” said an official from IIT Bombay.

The upcoming placement season at IIT Bombay, is starting from December 1st. It is anticipated to experience a change in the types of companies participating. Reports suggest that there will likely be more job opportunities from core sector companies and a decrease in the presence of IT firms. This shift reflects the evolving demands of industries and the institute’s commitment to adapting to current market trends.