The Indian Institutes of Technology (IITs) have long been renowned for offering promising career avenues and lucrative salaries to graduates. However, recent trends indicate a departure from this tradition, with a sense of uncertainty permeating the atmosphere surrounding IIT placements. The 2024 placement season witnesses fewer job opportunities and diminishing salary packages, prompting students and administrators alike to confront unprecedented challenges with introspection and proactive measures.
One of the primary concerns arises from the shrinking size of salary packages extended to IIT graduates. Reports suggest that many students are now accepting annual packages below the Rs 10 lakh threshold, a significant deviation from past expectations. Companies, which previously recruited large cohorts of students, are now exercising restraint, opting to hire only a fraction of their previous intake.
This trend is evident across various campuses, from Indian Institute Of Technology Bombay to Indian Institute Of Technology Kharagpur, exacerbating disillusionment among students. The underlying cause can be traced to the broader economic landscape, where the global slowdown has cast a shadow over recruitment endeavors. Directors and economists acknowledge the impact of the economic downturn on hiring numbers, expressing concerns about the job creation narrative amidst faltering growth.
Additionally, the IT sector, both domestically and internationally, grapples with layoffs, further compounding the challenges faced by Indian Institute Of Technology graduates. In response, Indian Institute Of Technology are mobilizing resources to mitigate the adverse effects, leveraging alumni networks and diversifying potential employers through collaborations with public sector undertakings (PSUs) and startups. Rajib Maity of IIT-Kharagpur underscores the importance of aligning student skill sets with industry needs, emphasizing the need to bridge the gap between academia and employment requirements.
IITs are struggling for Placement
The current placement season at Indian Institutes of Technology (IITs) is witnessing a slowdown, with a significant portion of students still awaiting job offers. Across various campuses, including IIT Bombay, Delhi, Kanpur, Madras, and Kharagpur, the trend of fewer placements is evident. At IIT Bombay, more than 30% of students are yet to secure employment, reflecting a departure from previous years’ placement rates. Similar challenges are observed at other prestigious Indian Institute Of Technology, such as Delhi, where around 50 students received job offers out of 1,050 during the first placement phase.
Additionally, IIT Kanpur registered a decline in placement percentages compared to previous years, with only 69% of students securing jobs this season. Various factors contribute to this downward trend in placements, with experts attributing it primarily to the global economic slowdown. Negotiations with companies regarding salary packages have become more challenging, leading to fewer firms participating in campus placements. Additionally, the cautious approach of international companies towards hiring and investment further exacerbates the situation.
Former IIT Delhi director, V Ramgopal Rao, estimates a 20-30% dip in overall placements due to the economic slowdown. However, there remains optimism that the Indian economy’s resilience will lead to a gradual improvement in placement prospects. In response to the challenging scenario, IITs are exploring opportunities with domestic firms and startups, deviating from the reliance on international recruiters.
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