Global Economic Slowdown affects IIT Placements; students offered salary as low as six lakh

Economic slowdowns often lead to companies cutting back on hiring or even laying off employees. This reduction in job opportunities directly affects campus placements at IITs, as fewer companies may come for recruitment drives or may hire fewer candidates.

The global economic slowdown has significantly impacted IIT placements this season. Graduates from India’s premier education institutes are being offered smaller pay packages, some below Rs 10 lakh per annum. Additionally, fewer students are being picked for recruitment, leading to concerns about the situation at India’s prestigious institutions.

As per a news report, IIT students are receiving placement offers with annual packages below Rs 10-15 lakh. Some have even accepted salary packages as low as Rs 60,000 to Rs 80,000 in certain cases.

As per the data made available by placement offices of IITs, the average salary for IIT students has been declining. In 2022-23, the average salary was Rs 21.9 lakh (CTC), compared to Rs 23.8 lakh in the previous year. This is a significant drop from the average job offers of Rs 20 lakh in 2020.

Even scarier is that a considerable percentage of IIT students had remained unplaced this year. For instance, at IIT-Delhi, approximately 40% of registered students are yet to find employment. Similar challenges are faced by IITs in Kanpur, Madras, and Bombay.

The situation reflects the broader impact of the global economic slowdown on educational institutions and job markets.

What is IITs take on reduced placement offers

In response to these challenges, IITs are proactively taking steps to support their students and adapt to the evolving landscape. This includes expanding career counseling and guidance services to help students navigate the complexities of the job market, fostering partnerships with a diverse range of companies to diversify job opportunities, and offering additional skill development programs to enhance students' competitiveness in the job market.

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