According to the student’s reviews online, The average CTC (domestic) is INR 18.33 LPA. All the B-Schools of the country publish their placement reports based on CTC or cost to company numbers. 

There is a huge difference between CTC and in-hand salary. So if your question was related to 16 lakhs CTC then it could be a possibility but if your question was related to 16 lakhs in hand salary then it might vary.

The average salary package may also vary depending on the company and your overall academic performance. Some companies offer students a 18-20 LPA salary package but they also have better grades. Whereas some Mass recruiting companies like TCS often give lots of job offers but with a lesser salary package.