IIT Bombay has released the placement report for 2023-24 academic year. The report reveals that 25% of students did not secure jobs through campus placements. Despite the intense studies and tough competition, some students received offers with annual packages as low as 4 lakh rupees.
A total of 1,979 students registered for placements, with 1,650 getting job offers, and 1,475 accepting them. The placement rate this year was 75 per cent, down from 82 per cent last year. While the number of companies recruiting increased by 12 per cent , many students are blaming the weak global economy for the drop in offers.
Experts warn that the job crisis may affect up to 50 per cent of the 15 lakh engineering graduates this year. Despite the challenging scenario, IIT Bombay students remain hopeful for better opportunities ahead.
In the 2023-2024 placement session, a total of 78 international jobs were offered from different firms based in Japan, Taiwan, Europe, UAE, Singapore, USA, Netherlands, and Hong Kong. This has been an increase of 65 from the previous year. The session saw participation from multiple sectors such as Core Engineering, Information Technology, Software programming, Research and Development, Consulting, Finance, Banking, High-end Technology and Technical Services.
Explaining the gap in the number of registered students and those who secured jobs, IIT Bombay highlights, "Some of the 435 deregistered students want to pursue higher studies, such as MS/MTech/PhD and MBA courses, while others opted for entrepreneurship or civil services, and did not appear or had minimal participation in the placement drive. Due to the war in Ukraine and the subdued global economy, we saw fewer international recruiters."