Placement Adjustment At IIT Bombay: Out Of 85 Candidates, Only 22 Were Offered Rs 1 Crore Or More

The esteemed Indian Institute of Technology, Bombay (IIT-B) has made an unexpected revision about its phase-I placements that took place between December 1–20, 2023. At first, the institute revealed that an astounding 85 candidates had received compensation packages surpassing one crore rupees. The original estimates were significantly revised when the IIT-B placement office explained in a later statement that just 22 candidates had actually received such generous offers.

In a statement issued on January 4, the official placement office of IIT Bombay admitted that the number of candidates who received offers over Rs 1 million during phase-I placements had been reported incorrectly. The message stressed the updated number of 22 students instead than the originally mentioned 85. The institute promised that all other placement data remained correct and apologised for the false information.

Further, of the 22 one crore plus accepted offers, three were domestic while 19 were at international locations. “In comparison, phase-1 of placement season 2022-23 had 16 accepted one crore plus offers of which two were domestic and 14 were at international locations. The total number of accepted international offers for phase-1 in seasons 2022-23 and 2023-24 remained unchanged at 63,” as per IIT-Bombay.

Over the past few years, IIT Bombay students have been granted salaries that have increased steadily on average. The average compensation for the 2017 placement season was approximately Rs 11.41 lakh per year. This figure rose to Rs 18.5 lakh in 2018 and then to Rs 10.34 lakh in 2019. IIT Bombay ramped up the pace again and reached Rs 22.7 lakh per annum (approx) in 2021 after there had been a modest decline to Rs 18.40 lakh per annum (approx) in 2020, which may have been caused by the Covid epidemic.