The annual pay of engineers graduating from IITs this year has dropped to a median ₹15-16 lakh from ₹18-20 lakh in 2023, ET reported citing Deloitte and TeamLease studies. Top offers at the IITs have nearly halved from ₹4 crore for the 2023 batch. "Median salary decline is particularly pronounced across seven old IITs," TeamLease executive Ramesh Alluri Reddy said.