'Baseless': IIT Bombay denies reports of setting Rs 6 lakh salary minimum

IIT Bombay has refuted reports of setting a Rs 6 lakh minimum salary for placements, citing no such mandate, as discussions heat up ahead of the upcoming placement season.

In Short

• IIT Bombay denies imposing Rs 6 lakh minimum salary for placements
• 62% of students last year secured packages below Rs 20 lakh
• Core sector companies expected to dominate upcoming placement season

IIT Bombay has dismissed recent media reports claiming it has requested companies not to make placement offers below Rs 6 lakh per annum as “baseless", as per Public Relations Officer Falguni Banerjee Naha.

The reports came after IIT Bombay's 2023-24 placement report recorded its lowest-ever placement offer of Rs 4 lakh last year when seven companies hired 10 students at packages between Rs 4 and Rs 6 lakh.

This year’s placement season, starting December 1, is expected to see changes. A Hindustan Times report noted an expected rise in participation from core sector companies and fewer IT firms in the mix, potentially reflecting industry trends.

IIT BOMBAY 2023-24 PLACEMENT REPORT HIGHLIGHTS

As per the IIT Bombay 2023-24 placements, a total of 2414 students had registered for placements of whom 1979 actively participated in the placement process and 435 didn't. Of the 1979 who had actively participated in the placements, 1475 secured jobs, leaving 504 students unplaced.

Thus, 61% (1475 students) of those who registered for IIT Bombay placements last year secured jobs through the placement drive while 39% or 939 students didn't actively participate in the placements (435 students) or weren't placed (504 students).

During the IIT Bombay placement cycle of 2023-24, 1% bagged salary offers of over Rs 1 crore while 62% of students placed received offers below Rs 20 lakh per annum. The median CTC was Rs 17.9 lakhs and the average CTC was Rs 23.5 LPA.

However, an analysis by mentor and IIT Kanpur alumnus Dheeraj Singh suggests the average drops to Rs 16.5 lakh when excluding the top 1% of crore-plus dollar-denominated offers.

Note: The median CTC is the middle value in a list of CTCs, while the average CTC is the sum of all CTCs divided by the number of CTCs. The average often skews higher due to outlier offers.

With IIT Bombay rejecting reports of enforcing a minimum salary threshold, the focus remains on offering diverse opportunities across sectors, albeit with evolving trends in industry representation.