Three-quarters of IIT Bombay students secure placements for 2023-24

Mumbai: The Indian Institute of Technology (IIT) Bombay released its placement report on Tuesday morning, revealing that nearly 75% of its students have been successfully placed via campus recruitment for the academic year 2023-24.

According to the report, 2,414 students registered for the placement drive, marking an 11% increase compared to the previous year. The institute secured the second-highest number of placements in its history, with 1,475 students placed this year, slightly below the record 1,516 placements achieved in 2022-23.

Despite economic uncertainties, three out of four students were able to secure their desired job profiles, translating to a placement percentage of 75%. The average salary packages, based on Cost to Company (CTC), saw a significant increase of 7.7%, rising from ₹21.82 lakh per annum last year to ₹23.5 lakh per annum. This reflects a robust job market recovery following the resumption of economic activities post-COVID-19.

The number of recruiting companies also rose, with 364 companies participating this year, a 12% increase from the 324 companies that took part last year. The report noted a significant increase in mechanical engineering placements compared to last year, with 217 students placed compared to 171 in the previous academic year. However, it also highlighted a declining trend in the number of students placed in the computer science stream. This year, 242 students from the computer science stream were placed, fewer than the 273 students last year.

The report pointed out that most of the remaining unplaced students have identified avenues for gainful employment. Some prefer higher studies, self-employment, or entrepreneurship over the jobs being offered to them. Almost all participating companies honoured their job offers. Of the 118 PhD students registered for placement, 32 accepted offers.

Hari Kumar, a professor at IIT Bombay, stated, "Despite the challenging economic climate, we're pleased to see such a high placement rate. It's a testament to the quality of our students and the continued demand for top-tier engineering talent in India."

Priya Desai, a final-year computer science student who secured a position at a leading tech firm, shared her experience: "The placement process was intense but well-organised. I'm grateful for the opportunities IIT Bombay has provided and excited about starting my career."