Not 85, only 22 students received Rs 1 crore plus offers: IIT-Bombay issues placement correction

The phase-I placements (December 1-20, 2023) incorrectly reported the number of accepted Rs one crore plus offers as 85. The correct number of accepted one crore plus offers is 22, says IIT-Bombay.

By: Education Desk

New Delhi | Updated: January 12, 2024 11:03 AM IST

2 min read

IIT Bombay Placements: In 2022's first phase of placements, the institute had received over 1500 offers made by over 400 organisations. (File image)

Only 22 IIT-Bombay students have received Rs one crore plus offers in phase I of placement held in December. Last week, the Indian Institute of Technology, Bombay (IIT-B) announced that a total of 85 candidates had been offered salary packages greater than Rs 1 crore, which was much higher than the 25 such offers last year. However, the institute has today issued a correction.

As per the official statement by the placement office of IIT Bombay, “The phase-I placements (December 1-20, 2023) incorrectly reported the number of accepted Rs one crore plus offers as 85. The correct number of accepted one crore plus offers is 22. All other data reported is confirmed to be correct. The Placement Office of IIT Bombay strongly regrets this mistake.”

The press note was released on January 4.

Read | IITs build consensus on not declaring top pay packages in placement report

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.

In 2022’s first phase of placements, the institute received over 1500 offers made by over 400 organisations.

Last year, a total of 25 students got packages of over Rs 1 crore. Out of the total offers, 1224 offers were accepted by students, including 63 international offers (71 international offers were made). The top recruiters last year were American Express, TSMC, Honda Japan, McKinsey & Company, Boston Consulting Group, Morgan Stanley, Sprinklr, Reliance, Adani and Tata.

The average salary offered to IIT Bombay students has been continuously increasing for the past few years. The average salary of the 2017 placement season was 11.41 lakh per annnum (approx), which then increased to Rs 18.5 lakh per annnum (approx) in 2018 and then to Rs 10.34 lakh per annnum (approx) in 2019. While there was a slight dip to Rs 18.40 lakh per annnum (approx) in 2020, which could have been a result of the Covid pandemic, IIT Bombay picked up the pace again and touched Rs 22.7 lakh per annnum (approx) in 2021.

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