Winning Bizness Desk

IIT Bombay Placements 2024: Minimum Package Increased to ₹ 6 Lakh

Mumbai. The placement session at the Indian Institute of Technology, Bombay (IIT Bombay), is set to begin on December 1, 2024. This year, the session is expected to bring significant changes, including a shift in focus to core sector companies and startups. However, the IT sector’s participation remains subdued, continuing the trend from last year. To improve opportunities for students, IIT Bombay has raised the minimum salary package requirement for recruiters to ₹ 6 lakh per annum. This is a notable increase from the ₹ 4 lakh minimum set last year. In the previous placement session, seven companies offered packages between ₹ 4 lakh and ₹ 6 lakh to 10 students, highlighting the need for this revision.

Less Interest from IT Sector

IT companies, which had seen heightened demand during the COVID-19 recovery years of 2021 and 2022, continue to show low interest in campus placements. An IIT Bombay official noted that hiring numbers from the IT sector were already weak last year and are not expected to improve significantly this year.

Focus on Startups and PSUs

This year, IIT Bombay is emphasizing participation from core sector companies, public sector undertakings (PSUs), and startups. The placement team has actively invited startups with three to four years of operational experience to ensure stability and growth potential for students. Despite the reduced demand from IT firms, the institute is optimistic about international placements. Japanese companies, in particular, are expected to participate, and an increase in foreign job offers is anticipated.

Pre-Placement Offers and Rising Numbers

Pre-placement offers (PPOs) remain a vital part of the placement process, and students receiving PPOs will still be eligible for the regular placement rounds. Last year, IIT Bombay received 300 PPOs, out of which 258 were accepted. This year, the number of students registering for placements has significantly increased, with over 2,400 registrations compared to just 1,400 in 2015-16.

Adapting to Changing Trends

IIT Bombay’s placement strategy this year reflects a keen understanding of industry trends and student aspirations. By targeting new sectors, inviting international firms, and raising the minimum salary threshold, the institute aims to provide students with better opportunities in an evolving job market.