The Indian Institute of Technology-Bombay (IIT-B) has issued a correction regarding the data on crore-plus offers in its placement office’s earlier press note which erroneously mentioned 85 for Rs 1 crore+ packages. The office clarified that in the first phase of placements, 22 students have secured annual pay packages of Rs 1 crore or more, with three being domestic and 19 international.

Most of the higher salaries during this year’s placement season have been offered in the research and development space. The average annual pay offer for this sector is at Rs 36.9 lakh, up from the previous year’s Rs 32.25 lakh. In contrast, the finance sector witnessed a big drop of 22 per cent in the average compensation to Rs 32.4 lakh from Rs 41.7 lakh last year.

During the first phase, which concluded on December 20, a total of 63 students accepted international offers from countries such as Japan, Taiwan, South Korea, Netherlands, Singapore, and Hong Kong. Despite global and economic uncertainties, IIT-B received a total of 1,340 offers by December 20, resulting in 1,188 students being placed. However, the overall number of offers received in this phase was lower compared to last year.

The placement season at IIT-B showcased notable recruiters such as Airbus, Air India, Apple, Cohesity, Da Vinci, Google, Intel, Jaguar Land Rover, Morgan Stanley, Mercedes-Benz, Qualcomm, Reliance Group, Samsung, Schlumberger, Strand Life Sciences, Tata Group, Texas Instruments, TSMC, TVS Group, and Wells Fargo. The sectors making the highest number of offers included engineering, technology, IT, software, finance, banking, fintech, management consulting, data science and analytics, research and development, and design.

Comparing average packages, last year’s placement season concluded with an average package of Rs 21.8 lakh per annum, slightly higher than the average packages in 2021-22 (Rs 21.5 lakh) and 2020-21 (Rs 17.9 lakh).