The ongoing global economic slowdown has significantly impacted campus placements at premier institutions, with IIT Bombay experiencing a notable decline in student job placements. According to a recent report by the Hindustan Times, 36% of students at IIT Bombay have not secured employment in the current placement season. Out of 2,000 students registered for placements, 712 remain jobless.
The placement cell at IIT Bombay highlighted the challenges faced in attracting companies to campus this year, attributing the difficulties to the global economic downturn. Negotiations with companies over salary packages have become more complex, necessitating multiple discussions before firms agreed to participate in the placement process.
For the first time, even students from the typically in-demand Computer Science and Engineering department have not achieved full placement. The placement process is ongoing and will continue until May 2024.
This year has seen an increase in the percentage of students without job offers, rising to 35.8% from 32.8% in the previous session. In 2023, 1,485 out of 2,209 registered students managed to secure employment, leaving a significant portion unplaced.
The majority of the 380 companies participating in this year’s placement drive were domestic, a shift from the usual prevalence of international firms. Despite earlier reports suggesting that 85 students at IIT Bombay received job offers with annual packages of ₹1 crore, the institute later clarified that only 22 students received such high-value packages.
IIT Bombay expressed regret over the incorrect reporting of the number of ₹1 crore plus offers, emphasizing that all other data reported was accurate. This situation underscores the broader challenges faced by premier institutions and their students in navigating the uncertain global economic landscape.