The highest domestic CTC is up by 163 per cent at IIT-Bombay's first phase of placements.
Vinay Umarji reports.
The first phase of the final placement season at the Indian Institute of Technology, Bombay, has seen the institute post a 162.5 per cent jump in the highest domestic cost-to-company package.
It has received a CTC offer of Rs 1.68 crore per annum compared to Rs 64 lakhs per annum (LPA) last year.
The institute also posted a 35.86 per cent rise in the average CTC package, compared to the offers received in phase one last year. This year, IIT-Bombay has received an average CTC package of Rs 25 LPA as compared to Rs 18.40 LPA last year.
The highest international CTC in the first phase of placement at IIT-Bombay was $287,000 per annum; it was Euro 157,000 (approximately $176964 under present conversion rates) per annum last year.
Phase one of placement season, from December 1 to December 18, saw the institute secure 1,382 offers so far, including pre-placement offers (PPOs) from 315 companies. This is an all-time high record for the number of offers in Phase-I placements at IIT-Bombay; the institute expects more offers in the coming days.
While the PPOs grew from 182 in 2020-21 to 248 in 2021-22, the campus placement offers received in phase one grew from 946 last year to 1,475 this year, amounting to a total of 1,723. Of these, 1,382 offers were accepted by the students.
Sectorwise, the highest number of offers came from engineering and technology, which saw an average CTC of Rs 21.54 LPA this year compared to Rs 16.95 LPA last year.
The other top sectors included IT/software, with an average CTC of Rs 27.05 LPA, finance (Rs 28.40 LPA), research & development (Rs 25.12 LPA) and consulting (Rs 18.02 LPA).
The students also received nine offers from two public sector undertakings at the phase-I campus placements this year; more PSUs are expected to recruit during phase-II.
IIT-Bombay added that the institute received a total of 45 international offers from different countries like the USA, Japan, UAE, Singapore, Netherlands, Hong Kong and Taiwan.
'The placement office focused on connecting with growing start-ups and industries with diverse roles to tackle the market slowdown. There were seven international offers and five domestic offers of salaries above Rs 1 crore (Rs 10 million),' the institute stated.