8,000 IITians unemployed, IIT Bombay graduates’ minimum pay drops to ₹4 LPA

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

According to the recently released placement report, 2,414 students registered for the placement drive, an 11 per cent increase over the previous year. This year, the institute achieved its second-highest placement figure in history, with 1,475 students securing positions, just below the record of 1,516 placements set in 2022-23.

While the Indian Institutes of Technology (IITs) often boast impressive placement statistics, a recent analysis paints a more concerning picture. Contrary to the widely publicized success stories, a significant number of students at these prestigious institutions found themselves unemployed following the 2024 campus placement season.

A recent analysis of placement data revealed that a significant number of students at the Indian Institutes of Technology (IITs) found themselves without jobs in 2024. According to IIT Kanpur alumnus and placements mentor Dheeraj Singh, who shared three years’ worth of data on LinkedIn, the number of unplaced students nearly doubled this year compared to 2023.

The data, which Singh compiled from 23 Right to Information (RTI) responses, annual reports, media coverage, and student insights, shows that out of 21,500 students registered for campus placements at IITs in 2024, only 13,410 secured jobs, leaving 8,090 students still searching for employment.

This marks a sharp increase in the number of unplaced students compared to 2023, when approximately 20,000 students registered for placements. Of those, 15,830 successfully landed jobs, with an average annual package of INR 17.1 lakh per annum, while 4,170 students were left without job offers through campus recruitment.

Similarly, in 2022, more than 3,000 out of 17,900 registered students remained unplaced during campus placements at IITs. Singh noted in his LinkedIn post that the median Cost to the Company (CTC) for that year was INR 17.2 lakh per annum.

The report highlighted that three out of four students successfully landed their desired job profiles despite ongoing economic challenges, resulting in a 75 per cent placement rate. The average salary packages, calculated based on Cost to Company (CTC), saw a 7.7 per cent increase, rising from INR 21.82 LPA last year to INR 23.5 LPA, indicating a strong job market recovery as economic activities resumed post-COVID-19.

There was also a rise in the number of recruiting companies, with 364 organizations participating this year, up 12 per cent from the 324 companies that participated last year. The report noted a significant increase in placements for mechanical engineering students, with 217 students placed this year compared to 171 in the previous academic year. However, there was a decline in the number of computer science students placed, with 242 placements this year compared to 273 last year.

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

Placement Statistics:

Total number of registered students: 2,414

Number of active participants: 1,979

Total number of accepted offers: 1,475

Total number of job offers: 1,650

Job offers above INR 1 crore accepted: 22

Pre-placement offers accepted: 258

International job offers: 78

Average CTC from allocated offers: INR 23.50 LPA

Median Salary: INR 17.92 LPA

Top recruiting sector: Engineering and 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: 161