Starting salaries for IIT graduates reach Rs1 crore
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New Delhi: With the Indian economy showing signs of revival, the older Indian Institutes of Technology (IITs) started their final student placement on Monday with a bang, with some firms offering salaries of as much as Rs.1 crore a year to students.
These IITs said they are expecting a better response this year. At IIT-Madras, they gave the graveyard session to foreign firms, and at IIT-Bombay it was manufacturing and core-engineering that got first preference.
At IIT-Kanpur, Oracle Corp. made four international offers—two each to B-Tech and M.Tech students—worth over Rs.1 crore each, said Aditya Jain, overall placement coordinator. “On Day 1, until 8pm, we have placed 160 students as against 120-odd last year,” Jain said over phone.
He said the average salary this year has risen 12%. On Monday, as many as 37 firms were on campus to recruit students. They included technology firms Google, Microsoft, Oracle, and consumer firms such as ITC Ltd and Hindustan Unilever Ltd. Overall, more than 1,200 students in graduation and post-graduation level are in the fray this year, Jain said. At least 375 companies have registered to visit the campus this year, “much more than” last year, Jain said without giving further details.
At IIT-Bombay, 40 companies came for recruitment on Day 1, said Avijit Chatterjee, a professor in charge of placement.
Chatterjee did not provide details saying the process would continue till 2am and that he hoped to place some 150 students on the first day.
“There is a mixed bouquet of firms but we have given preference to manufacturing and core engineering companies,” said Chatterjee. At IIT-Bombay, around 1600 students from different streams and levels are looking for placement this season.
At IIT-Madras, until 7pm, 81 students had got job offers. The highest international salary offered was Rs.80 lakh and the highest domestic salary was Rs.30 lakh per annum, the engineering and technology school said.
“The economic situation has improved and we have seen the beginning of a good season,” said Babu Viswanathan, a placement adviser at IIT-Madras.
At IIT Madras, seven international firms offered 17 postings in the graveyard session. While Microsoft made three offers, Google made four.
Investment bank Goldman Sachs made 13 offers to IIT-Madras students, followed by Samsung R&D Institute India, Bengaluru, which made eight offers.
Though, IIT-Kharagpur, Delhi and Guwahati did not give details, a professor at IIT-Delhi said the situation is much better than last year.