IIT B Tech Placement 2023: Global recession seems to have impacted the 2023 placement season across the Indian Institutes of Technology (IITs) with domestic hiring picking up faster than international postings. While last year, the highest domestic package recorded on day one had hit the Rs 1.8 crore mark, international offers rose to Rs 2.05 crore. This year, the performance is a shade better, as a BTech student of IIT Guwahati got an international job offer of Rs. 2.4 crore per annum (CTC), which is the highest-ever package received by a student of the institute. The domestic hiring is trying to keep pace, with two students from the institute bagging Rs 1.1 crore.

IIT Placement Report 2023. B Tech Salaries in Crores

“The maximum domestic offer was Rs 1.1crore, and 55+ offers ranging from Rs 50 lakh per annum (LPA) to Rs 1 crore, making domestic offers just as lucrative as international offers,” says Suresh Sundaram, faculty coordinator (Internship and Personality Development), Centre for Career Development, IIT Guwahati, adding that the key job locations remain the country’s tech centres – Bangalore, Hyderabad, and Noida.

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Sundaram explains that US firms often ask students to onboard domestically in their India offices before they can be relocated to the US office due to H1B visa issues. “Companies offering placements outside India often have domestic onboarding and such offers are still considered to be international offers by the institute.”

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Anishya Obhrai Madan, Head, Office of Career Services, IIT Delhi, likens the H1-B visa to a ‘lottery’ with students onboarding the recruiter’s office—whether international or domestic— as per their norms. “Ever since Covid, the students are well aware of the uncertainties in visa processing, which is evident all across the globe,” she adds, elaborating that over 30 students at IIT Delhi have received international job offers from geographies spanning Hong Kong, Japan, Netherlands, Singapore, South Korea, Taiwan, United Kingdom, and United States, despite the global uncertainty.

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“The international offers are now extended across various job profiles instead of just the IT profile, thereby showcasing diversified profiles amongst students,” says Kaushik Pal, professor in-charge (Placements), IIT Roorkee that has received 14 international offers so far from companies including Accenture Japan Ltd, HiLabs, Maverick Derivatives, Squarepoint Capital, Rakuten Mobile, while more are expected as placement season continues.

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At IIT Mandi, companies such as Rakuten, Accenture Japan, Denso, and Nohara Holdings, Inc, accounted for 19 international offers during the phase 1 placement drive where altogether 249 offers were made. Job profiles such as software development engineer, data scientist, data analyst, business analyst, etc were much in demand. An increment of around 18% in average CTC and 24% in a median of Rs 26 lakh has been observed in comparison to last year, with the highest domestic package of over Rs 60 lakh till now. Tushar Jain, advisor, Career & Placement Cell, IIT Mandi, attributes the percentage increase to several factors, particularly the introduction of a six-month internship along with career guidance, academic curriculum, and ongoing projects with professors.

At IIT Kanpur, 33 students received offers for over Rs 1 crore at the end of Day 5 with the highest domestic offer being Rs 1.9 crore. While last year, the highest package at the end of phase 1 of placement season was $ 287,550 for international and Rs 1.2 Crore for domestic, this year there was an overall uptick in the packages with around 74 international offers as compared to 47 last year.

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Largely though, international placements have reduced in number because of the global economic uncertainty, recent layoffs and hiring freezes by tech giants that have further fuelled the temporary slowdown. “India, however, remains an attractive destination for global employers to hunt for competitive technical talent,” says Guruprakash Sivabalan, founder-CEO, Xobin Technologies that powers the assessment and recruitment process for companies through its software, for hiring candidates from institutes such as the IITs and NITs.

“While students with an international degree find it relatively easy to get a job in foreign locales, IIT students who have had a brief international exposure have an advantage in getting the international job offers. Close to 10% of students participate in global conferences, hackathons and have done international internships. These students get a better chance to get placed abroad,” he adds.

IIT Placement Report 2023. B Tech Salaries in Crores

Students who are looking for job opportunities abroad are often aware of the high cost of living and the continuous stress of holding their visa status. “The top 1% of students prefer to take domestic offers from fast growing companies in India. Many Indian startups offer highly competitive salary packages, which attract several students. More than the salary package, many give students good career growth, ownership and challenging problems to solve, Sivbalan says, highlighting that CS/IT are usually the branches that get the high packages. “Due to an increase in demand for AI/ML based talent, students with sub specialisations in AI/ML are at the top of the line to secure the bigger packages, he adds. As per the Media Report.