NEW DELHI: The COVID-19 pandemic and subsequent disruption in the economy seem to have had little impact on the ongoing placements in the prestigious Indian Institutes of Technology where the annual pay package offered has risen by 30-35 per cent as compared to last year.
Placement incharge at several IITs said the payment offers from domestic companies have overshadowed even top international offers, which means that many fresh graduates will earn more in the country than their batchmates who take up offers abroad. Less than two weeks after the placement season began, nearly 60 per cent final year students in the older IITs have already got placement offers.
At IIT-Delhi, over 300 national and international firms offering more than 500 job profiles across multiple sectors had registered for hiring students this year and on the first day of the first phase of final placement itself, students had bagged over 300 placement offers, including pre-placement offers with many bagging multiple offers. Also, around 150 PPOs, including international locations, were received.
As per officials, companies from technology, banking and financial service sectors are leading the pack in hiring students and a large number of students are happy as they are assured of jobs despite a downbeat job market. In IIT Bombay, a number of international firms had lined up to hire graduates of which Dutch company Otiver offered the highest pay package of Rs 1.39 crore per annum.
Authorities at IIT Madras said the institute had bagged nearly 750 offers while this number was about 700 each in case of IIT Guwahati and Roorkee. Also, more than 220 companies have registered for hiring, more than any year so far.
At the institute, nearly 190 students also got pre-placement offers and about 1,400 students are hoping for placement by the end of the placement season. But officials at IIT Roorkee, which is looking to ensure jobs for at least 1,200 students this season, said fewer offers were received this year as compared to last year.
A professor involved with the process of placement at IIT-Kanpur said that over half its graduates had already bagged offers and the institute had done much better than what was anticipated. "There is a good mix of companies from India and abroad and from varied sectors, which is a very good sign," he said.
At IIT, Benaras Hindu University officials said more than 215 students had bagged jobs with annual pay packages ranging from Rs 11.5 lakh to Rs 64.27 lakh. In comparison, the compensation offered last year was Rs 10 lakh to Rs 58.21 lakh.
Old is gold
What is heartening is that less than two weeks after the placement season began, nearly 60 per cent final year students in the older IITs have already got placement offers