The number of educated unemployed in India is on the rise, with many highly educated youth struggling to find job opportunities. This trend was highlighted during the 2024 campus placement at IIT Mumbai, where 25% of students failed to secure jobs, despite the institution's prestigious reputation. The campus placement revealed that while the average annual package for students increased by 7.7%, a quarter of the graduating class remained without job offers.
Additionally, the minimum wage package saw a significant drop, with the lowest offer decreasing from Rs 6 lakhs to Rs 4 lakhs per annum (approximately Rs 33,000 per month). Surprisingly, 10 students accepted positions with this lower pay, reflecting the challenging job market for even the most qualified graduates.
This year, the highest pay package offered was Rs 20 lakhs per annum, with 558 offers from 123 companies for packages at this level. There were 230 job offers ranging between Rs 16.75 lakhs and Rs 20 lakhs, including 78 offers from international companies. Notably, 22 job offers exceeded Rs 1 crore, though the presence of international companies was reduced due to global economic factors like the war in Ukraine.
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Despite the overall placement rate of 75%, the challenges facing graduates are evident. Key recruiters at the campus included trading, banking, and fintech companies, with 113 job openings from 33 financial services firms. Students also secured positions in emerging fields such as artificial intelligence, machine learning, product management, and data science. The education sector saw 11 companies offering 30 positions, while the research and development sector recruited 97 candidates for various roles, including automation, energy science, and semiconductor technology. Out of the 118 active PhD students, 32 successfully secured employment, indicating a tougher job market even for those with advanced degrees.