Not 85, Only 22 With More Than ₹ 1 Crore Offer: IIT Bombay Issues Correction On Job Placement

Not 85, Only 22 With More Than ₹ 1 Crore Offer: IIT Bombay Issues Correction On Job Placement

Out of the 22 students, 3 received from domestic firms while 19 from international.

Siksha MUpdated: Wednesday, January 10, 2024, 09:18 PM IST
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IIT Bombay | Facebook (Representational Pic)

Mumbai: The Indian Institute of Technology (IIT) - Bombay has issued a correction saying that 22 students have received offers of more than 1 crore, in a statement. The institute had earlier said that 85 students had received that compensation.

The institute on January 4 had reported that students at the institute received 1,340 offers, including pre-placement offers (PPOs), of which 1,188 were accepted.

Institute 'strongly regrets' the mistake

Today, the institute mentioned that it 'strongly regrets' the mistake in the press statement it had released on January 4, 2023.

The statement by the institute reads, "The correct number of accepted one crore plus offers for Phase 1 of placement season 2023-24 is 22. All other data reported is confirmed to be correct." Out of the 22 students, 3 received from domestic firms while 19 from international.

Last year 16 job offers of one crore or more

During phase-1 of the 2022-23 placement season, there were 16 job offers of one crore or more, with 2 being domestic and 14 international. The total number of international offers accepted in phase-1 for the 2022-23 and 2023-24 seasons stayed the same at 63.

During the initial phase of placements in 2022, the institute obtained more than 1500 job offers from over 400 companies.

IIT-B has been experiencing the effects of the technology industry's slowdown since last year. In the previous year, only 302 out of 1,516 placements (20%) were for IT-related roles. In contrast, for the 2021-22 period, 370 out of 1,441 placements (26%) were for software positions.

The percentage of students securing jobs also decreased from 89% to 82% as more students participated in placements. The reduced hiring by tech companies resulted in lower salaries for fewer students.

Hike in average salary from last few years

The average salary offered to students at IIT Bombay has been steadily rising over the past few years. In 2017, the average salary was around 11.41 lakh per annum, which then increased to approximately 18.5 lakh in 2018 and 10.34 lakh in 2019. Although there was a slight dip to around 18.40 lakh in 2020, likely due to the Covid pandemic, IIT Bombay rebounded and reached approximately 22.7 lakh in 2021.

(The figures have not been independently confirmed by the Free Press Journal)

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