Only 75% get jobs during IIT Bombay’s placement season, lowest pay down to Rs. 4L/year
Mumbai: The placement season at IIT Bombay for the year 2024 concluded with only 75% placement rate. The average annual salary offered to students rose to Rs 23.5 lakh, up from Rs 21.8 lakh last year, marking a modest 7.7% increase. However, fewer students were placed through campus drives compared to the previous year.
This year, the lowest annual compensation offered was reduced to Rs 4 lakh, down from Rs 6 lakh. Despite this, ten students accepted job offers within the Rs 4 lakh to Rs 6 lakh range. On the higher end, 230 offers fell between Rs 16.75 lakh and Rs 20 lakh, while 558 offers from 123 firms offered salary packages exceeding Rs 20 lakh annually.
The number of organizations hiring IIT-B graduates increased by 12% this year. Among the offers, 22 exceeded the Rs 1 crore mark annually, and a total of 78 international offers were accepted across both placement rounds. "Due to the war in Ukraine and the subdued global economy, we saw fewer international recruiters," the report noted.
The second half of the placement season began slowly but gained momentum after April. "We received over 300 job offers in Phase 2. While 75% of students were placed through campus drives, another 15% secured jobs independently," a source revealed. Of the 543 students who registered for placements, 388 participated, and 364 received offers.
The report highlighted that "Considering the total number of participating students, the placement percentage is nearly 75%. Most of the remaining unplaced students have identified avenues to be gainfully employed," with some opting to pursue further education.
This year, the engineering and technology sectors were the biggest recruiters, with 430 students securing entry-level positions across 106 key engineering firms. Hiring in the information technology and tech sectors saw a slight increase compared to last year.
In the consulting sector, 29 firms made 117 offers, a decrease from the previous year. Companies in trading, banking, and fintech were significant employers, with 33 financial service companies extending 113 offers. Hiring was particularly robust for roles in artificial intelligence, machine learning, product management, mobility, 5G, data science and analytics, and education.
Despite strong hiring in other sectors, only 30 positions were available in the education industry across 11 organizations. In the research and development sectors, companies in automation, energy science, battery technology, chemical and mechanical research, energy efficiency solutions, application development, materials research, semiconductor, power electronics, and AI/ML offered 97 positions for the 2023-2024 academic year. Among the 118 participants, 32 were active PhD candidates.
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Puthucherry CM Rangasamy secures unassailable lead
Puducherry (PTI): Chief Minister and AINRC leader N Rangasamy was on course to retain his Thattanchavady Assembly constituency as counting of votes polled in the April 9 Puducherry Assembly elections was on across the UT.
At the end of four rounds of counting, which was the last one, the CM was ahead of his TVK-backed Neyyam Makkal Kazhagam candidate E Vinayakam by 4,441
votes, gaining an unassailable lead.
The veteran leader polled 10,024 while Vinayakam polled 5583 votes. Congress' Ve Vaithilingam polled 2990 votes, bracing for the fourth place after an independent.
This constituency is an important segment which drew the attention of political parties. Rangasamy has contested from two segments-Thattanchavady and Mangalam segments.
