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The placement report for the 2023-24 academic year at IIT Bombay reveals a challenging job market for graduating students. Despite the rigorous academic program and intense competition, the placement rate has fallen to 75%, a decline from last year's 82%. This decline is attributed to the weak global economy, a factor that experts warn may impact up to 50% of the 1.5 million engineering graduates this year.
One of the most concerning aspects of the report is the minimum package offered to students. The lowest annual salary offered during the placement drive was 4 lakh rupees, highlighting the competitive nature of the job market and the limited opportunities available. While a significant number of students secured jobs, the report underscores the fact that 25% of graduating students remained unemployed after the campus placement process.
Despite the challenges, IIT Bombay emphasizes that many students chose to pursue higher studies, including MS, MTech, PhD, and MBA programs. Others opted to venture into entrepreneurship or pursue careers in civil services, explaining the gap between the number of registered students and those who ultimately secured jobs. The university also acknowledges the impact of global events, citing the war in Ukraine and the global economic slowdown as contributing factors to the reduced number of international recruiters.
The placement report provides a valuable insight into the current job market for engineering graduates. The decline in placement rates and the low minimum salary offered highlight the need for students to be adaptable and prepared to explore alternative career paths. The report also underscores the importance of developing skills beyond technical knowledge, such as communication, problem-solving, and critical thinking, to succeed in a competitive job market.
The placement session at IIT Bombay attracted participation from various sectors, including Core Engineering, Information Technology, Software programming, Research and Development, Consulting, Finance, Banking, High-end Technology, and Technical Services. The increase in international job offers, from 13 last year to 78 this year, demonstrates the global reach of IIT Bombay graduates. However, the report underscores the need for a more holistic approach to career preparation, emphasizing the importance of developing skills that are valued by employers across industries.
Source: IIT Bombay Minimum Package Drops To 4 Lakh, No Jobs For 25% Graduates