Mumbai, April 25: Tata Consultancy Services has reportedly started offering Rs 9 lakh salary in IIT and accepting freshers for the roles amid economic slowdown. According to a report, campus placement has been challenging in 2024 as some companies have scaled back on hiring and offer salary packages below Rs 10 lakh. Previously, in campus placement, a report said that the companies used to hire five to six people; however, in 2024, the companies are only recruiting one or two candidates.

According to a report by Trak.in, amid the slowed hiring, the students who need jobs started adopting a minimum threshold salary of Rs 6 lakh per year; however they still looked for other jobs. This slowed hiring in campus placement is reportedly due to the global economic slowdown in 2024. According to Suhash Joshi, Director of IIT Indore, the reduced hiring numbers of recruiters created a challenging placement season compared to the previous year. Despite the challenges, the director assured that IIT Indore took steps to tap into "alumni networks" to broaden its pool for potential hiring companies, which could also include PSUs. Indian IT Service Sector To See Second-Successive Year of Muted Revenue Growth Amid Global Macroeconomic Headwinds: Report.

IIT Campus Placement Insights in India This Year:

IIT students have been speaking out about their strong disappointment over getting lower salary packages from companies. The report said that the companies did not hire some IIT students. The report mentioned one IIT Bombay student sharing his disappointment about slowed hiring. The student said companies hired one or two people compared to five or six last year. The IIT Bombay student also said that some students picked salary packages ranging from Rs 60,000 to Rs 80,000 in the second phase. 

The report also highlighted a statement from an IIT Kharagpur student who shared information that Spectrum Technologies offered Rs 3.6 lakh for trainee engineers and Rs 6 lakh for trainee design engineers. Other companies that offered the packages included Gem Machinery, Skyroot, Sri Chaitanya, Next Education, and Startoon Labs, which offered Rs 5.5 lakh, Rs 5 lakh, Rs 4.8 lakh, 6 Lakh, and Rs 5.5 lakh per annum, respectively. India To Become One of Biggest Semiconductor Hubs in World in Next Five Years: Union Railways and IT Minister Ashwini Vaishnaw.

According to the report, the IIT Delhi graduates had been looking for jobs through OCS (Office of Career Services). It also mentioned that 40% of IIT students didn't find jobs, 1083 out of 1814 got jobs, and 81% of 903 IIT Delhi students got jobs through undergraduate programmes.

(The above story first appeared on LatestLY on Apr 25, 2024 12:33 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).