The recent buzz in IIT Bombay suggests that 36% of bachelor’s students are still awaiting placements. This raises questions about the factors hindering 100% placement for IIT students. Most IIT students are now searching for 3I: Industry, Innovation, and Income. But what exactly is 3I?
The acronym 3I stands for Industry, Innovation, and Income. Many students aspire to start their own startup after obtaining a degree from IIT. Others innovate significantly in different fields, revolutionizing strategies for companies. The third ‘I’ refers to Income, where some students struggle to secure campus placements in pursuit of better-paying opportunities.
Recently, top management institutions like IIM Lucknow sought assistance from former students for placements. Now, even in IIT Bombay, 36% of bachelor’s students are yet to secure placements. This year, out of 2000 registered students, 712 students couldn’t secure placements.
Looking at the percentage, roughly 36% of students remain unplaced. Notably, as per the NIRF rankings, IIT Bombay ranked third in 2021 and 2022 and fourth in 2023 among all Indian institutions.
According to Dhananjay Agnihotri, an IIT Bombay student, who shed light on the prevailing uncertainties in the global economy and recruitment slowdown affecting recent graduates, even those from prestigious institutions. Many students opt for external job applications, seeking better opportunities.
The hope is that many students will secure placements by May as more companies participate in campus placements. Speaking of median packages, they range from 26 to 27 lakhs annually, with the highest packages reaching into crores. Students must register separately to participate in placements.
According IIT Bombay’s PR spokesperson, Falguni Naha, she mentioned that this year’s placement drive is ongoing, and final data will be shared upon completion. The 36% unplaced figure is partial information. Placement activities are expected to continue until May.
The recent report suggesting over 30% of IIT Bombay students being unemployed prompted the institution to share data from an exit survey conducted among graduate students in 2022-23. The survey revealed that 57.1% of students secured campus placements, while 10.3% found external placements. Additionally, 12.2% pursued higher degrees, 8.3% opted for public service, and 4.3% were undecided about their future. Moreover, 1.6% chose entrepreneurship, and 6.1% are still job hunting.
The prevalence of unemployment among educated youth, particularly women, is a significant concern. According to the ILO, India has one of the highest rates of youth unemployment globally. In urban areas, unemployment rates surpass those in rural areas. Additionally, female labor force participation in India is among the lowest globally, at approximately 25%.
