IIT Graduates Face Reduced Salaries and Fewer Placed in 2024: Report

Studies by Deloitte and TeamLease Services show that salaries for graduates of the Indian Institutes of Technology (IITs) have dropped; the yearly compensation for the class of 2024 falls between ₹15-16 lakh, compared to ₹18-20 lakh in 2023. Placing rates also show a drop alongside this pay drop.

According to a Deloitte campus workforce trends research for 2024, graduates from the top 10 engineering institutes—which include eight IITs—should expect a median salary of ₹16.3 lakh per ann. Comparatively, a TeamLease Services analysis done in May reveals that incomes for IIT graduates at older IITs have dropped to a median of ₹15-16 lakh, from ₹18-20 lakh in the past year.

At the seven older IITs especially, the pay drop is really notable. With median earnings falling to ₹12-14 lakh from ₹15-16 lakh in 2023, younger IITs have also suffered. From ₹18 lakh in 2023 to ₹17 lakh in 2024, Preeti Garg, a placement officer at IIT Ropar, observed a minor decline in average yearly pay. Furthermore, less students are securing positions than in the year before.

Global economic downturn is one of the main causes of the drop in pay and placements. Other influencing elements include industrial moves toward industries like manufacturing and electric vehicles (EVs), more competition, and a taste for internships over full-time jobs. While some graduates still earn large payouts exceeding ₹1 crore or even ₹2 crore, Ramesh Alladi Reddy, CEO of TeamLease Degree Apprenticeship, said many are receiving offers below ₹10 lakh, with some as low as ₹6 lakh annually.

The notable decline in top offers at IITs—which have almost halved from ₹24 crore for the 2023 batch—helps to underline this trend. Companies are shifting toward skill-based hiring policies more and more, which has also affected the general pay scales given to recent grads.

Out of 17,900 registered students total across all IITs, 14, 490 secured placements, leaving 3,410 unplaced and corresponding to a 19% unplaced percentage in 2022. With a spike in registered students to 21,500 only 13,410 have been placed, leaving 8,090 without placements and hence a notable increase to a 38% unplaced rate. The constant increase of unplaced students highlights a widening industry skill gap.

The wage packages and placement rates for IIT graduates in 2024 clearly show the effect of a demanding economic environment combined with changing industry tastes.