IIT-B receives ₹2626-cr alumni funding to help tide deficit
MUMBAI: Fund-strapped Indian Institute of Technology-bombay (IIT-B) received ₹2626 crore in contributions pledged to the institute by its alumni associations Though alumni donations saw a 28% decline this year compared to 2018 (₹366 crore), the funds are still expected to help bail the institute out of its financial crisis
Of the total, ₹1214 crore was donated by the class of 1994 which marked its silver jubilee this year at the Alumni Day celebrations on Sunday The golden jubilee batch – class of 1969 – pledged the institute ₹1307-crore funding
The funds will be utilised for several projects, including scholarship programs; upgradation of study facilities across hostels, and supporting ongoing institute efforts for student counselling amongst other things, said a spokesperson of the institute
IIT-B director Subhasis Chaudhuri said the alumni donations will help the institute grow in its global ranking “IIT-B alumni have made significant contributions to the growth of the institute We need continued support from our alumni to realise this dream,” he said
Last month, HT had reported that IIT-B was facing a fund crunch and Chaudhuri had asked faculty members to tap alumni networks and explore options to gather donations Professors were asked to look for sponsors for projects and philanthropists for infrastructure development
The institute has not released details of its funding deficit, but sources claim IIT-B faces a ₹100-crore gap annually