A latest report by Deloitte and TeamLease revealed that the annual salary packages of students graduating in the class of 2024 from the Indian Institutes of Technology (IITs) has dropped to the range of Rs 15-16 lakh.
How Did This Happen?
Further, the report talks about the salaries for the graduates from the top 10 engineering schools.
Eight of these are IIT, the salary has slightly decreased for the class of 2024, as per a Deloitte campus workforce trends 2024 study.
The report further noted that 8,090 were unplaced out of overall IIT data of 21,500 registered students.
This forms 38% whereas in 2023, it was 21% and in 2022 it was 19%, said the TeamLease Services report.
In the older IITs, the unplaced percentage has gone up drastically to 37% in 2024 from 22% in 2023.
Considering the numbers, a total of 10,310 got placements and 6,090 were unplaced out of 16,400 registered students.
Prior to this, 12,030 were placed and 3,320 remained unplaced out of 15,350 registered students from older IITs during 2023.
It appears that the unplaced percentage in newer IITs have also gone up as the report states that in 2024, 40% of the students remained unplaced whereas it was 18% in 2023.
The median yearly salary for IIT graduates has decreased to ₹15–16 lakh from ₹18–20 lakh at the old IITs in 2023, as per the TeamLease study in May.
While this happens, some IITs are still accepting placements and the season is a little bit longer than it was previously.
Urgency For Strategic Interventions
The decline in median salary is particularly noteworthy across the seven old IITs, said Ramesh Alluri Reddy, chief executive, TeamLease Degree Apprenticeship.
Here it is noteworthy that the median earnings at newly established IITs have also decreased, it ranges from ₹15–16 lakh in 2023 to ₹12–14 lakh annually.
According to Reddy, “This shift underscores the urgency for strategic interventions to mitigate the rising challenges in the job market.”
“The factors contributing to the decline in median salaries include the global economic slowdown, industry shifts favoring sectors like manufacturing and electric vehicles (EVs), increased competition, and the preference for offering internships over full-time positions” , Reddy said.
Besides this, the average annual salary at IIT Ropar has decreased somewhat to ₹17 lakh from ₹18 lakh in 2023,
Said Preeti Garg, the placement officer.
Further adding that there is a dip in the number of students getting placed this year as well compared to the previous year.
