Mumbai: IIT Bombay has dismissed media reports claiming it asked companies to avoid placement offers below that are below Rs 6 lakh per year. They junked the rumours, calling them “baseless,” according to Public Relations Officer Falguni Banerjee Naha.
The allegations came after the varsity's 2023-24 placement process. During this season, 10 IIT-Bombay students were hired by seven companies at packages between Rs 4 and Rs 6 lakh, reported Hindustan Times.
Phase 1 IIT-Bombay Placement
Phase 1 of IIT Bombay's placement season, starting on December 1, is expected to see more participation from core sector companies and fewer IT firms. An IIT Bombay official, speaking anonymously, said this decline in IT firms follows a slowdown in bulk hiring after the high demand seen during the Covid-19 recovery in 2021 and 2022, the report added.
To better meet students' needs, the institute has selected recruiters based on student feedback and industry trends. It has also invited new companies, including startups and several public sector undertakings (PSUs).
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Despite challenges in the IT sector, the placement team is hopeful about international hiring. A student representative shared that Japanese firms are participating, and there’s optimism for more foreign offers. However, these offers must meet local currency standards or be made in USD.
This year, more than 2,400 students have registered for placement, which is up from 1,400 in 2015-16. In 2023, the varsity had received 300 PPOs. Of which, mere 258 were accepted. “This year’s figures are expected to be similar,” the official added.