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Salaries for IIT Graduates See Decline in 2024

Salaries for IIT Graduates See Decline in 2024

Salaries for graduates from the Indian Institutes of Technology (IITs) have seen a decline, with the annual pay range for the class of 2024 dropping to Rs.15-16 lakh, according to studies by Deloitte and TeamLease.

The Deloitte campus workforce trends 2024 study noted that salaries for graduates from the top 10 engineering institutes, which include eight IITs, have marginally declined for the class of 2024.

Neelesh Gupta, partner at Deloitte India, mentioned that graduates can expect a median compensation of Rs.16.3 lakh per annum in 2024.

A separate study by TeamLease Services in May revealed that the annual pay for IIT graduates has decreased to a median of Rs.15-16 lakh, compared to RS.18-20 lakh in 2023 at the older IITs. This comes as placement seasons are extended at some IITs.

Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, noted that the decline in median salary is particularly pronounced across the seven older IITs.

The study indicated that newer IITs have also experienced a drop in median salaries to Rs.12-14 lakh per annum, down from Rs.15-16 lakh in 2023.

Preeti Garg, a placement officer, mentioned that IIT Ropar has seen only a marginal decrease in average annual salaries, from Rs.18 lakh in 2023 to Rs.17 lakh.

"There is a dip in the number of students getting placed this year as well compared to the previous year," said Preeti Garg.

This trend coincides with a significant reduction in top offers at the IITs, with the highest offers for the 2024 batch nearly halving from Rs.4 crore in 2023.

Ramesh Alluri Reddy explained that 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 a preference for offering internships over full-time positions.

He added, “Despite the wide salary range, with some individuals commanding hefty packages exceeding Rs.1 crore or even Rs.2 crore, many graduates are witnessing offers below Rs.10 lakh, with some as low as Rs.6 lakh per annum.”