Mumbai: The latest placement data from the Indian Institute of Technology (IIT) Bombay reveals a troubling trend: despite IIT Bombay’s achievement of its second-highest placement rate, overall employment figures and entry-level salaries have declined sharply. Around 75% of IIT Bombay students secured jobs this year, a drop from last year’s 78%, and the minimum wage has been cut from Rs. 6 lakh to Rs. 4 lakh. Nationwide, the situation is more severe, with over 8,000 out of 21,500 IIT graduates remaining unemployed, a significant increase from the previous year’s figures.
Earlier this month, IIT Bombay announced that it has achieved the second-highest placement figure in history for the placement season 2023-24. The institute reported that nearly 75% of the students secured jobs this year. In absolute terms, 1,475 students secured positions as compared to 1,516 in 2022-23. The average annual package has increased from Rs. 21.8 lakh to Rs. 23.5 lakh per annum. However, a look at the placement data of several IITs reveals that a significant number of students have remained unemployed in 2024 or ended up with significantly low packages.
According to IIT Kanpur placements mentor Dheeraj Singh, the number of unplaced students nearly doubled in 2024, compared to 2023. Singh has shared data on the unemployment scenario from three years on LinkedIn, compiled from 23 Right to Information (RTI) responses, annual reports, media coverage, and student insights. According to Singh, this is a significant increase in the number of unplaced students as compared to previous years. In addition, entry-level salaries have also taken a sharp hit.
Experts have highlighted a bunch of reasons at play for a constant dip in the employment rate and salaries, specifically for IIT students. These include ongoing geopolitical tension, economic instability, company restructuring, etc.
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