IIT Madras announces Rs 700 fund raise through industry and alumni as endowment corpus
IIT Madras aims to garner around Rs 800 crore more for deep impact research in areas ranging from ocean science to port technology to defense-related research.
The Indian Institute of Technology (IIT) Madras has announced that it has Rs 700 crore from industry and alumni as endowment corpus, against the backdrop of growing demand to garner funds from the extra-budgetary provision. An endowment fund is a new phenomenon in the Indian higher education space unlike the US education sector. It gives elbow room to an institution to further research and development, student aid, and academic expansion.
IIT Madras aims to garner around Rs 800 crore more for deep impact research in areas ranging from ocean science to port technology to defense-related research.
“We don’t talk about endowment fund. Let me tell you we have already raised an endowment corpus of almost Rs 700 crore," IIT Madras director Bhaskar Ramamurthy said.
The institution is making a strategic plan for the next 5-10 years and will set its next target for the endowment corpus, which could be substantially higher. “In the next five years, our endowment fund will be substantially higher. When we started, we had around Rs 200 crore, and in five years or so we have reached Rs 700 crore (by the end of 2020)," Ramamurthy said to a media house during an interview.
The director said he will soon give a number for the next target for the endowment fund, which his institute will be able to meet.
The Rs 700 crore corpus is one of the biggest for an Indian institution and underlines the capacity of IIT Madras to raise funds from external sources to complement the grants it gets from the Union government. IIT Delhi has also started an endowment fund with an initial corpus of around Rs 250 crore in October 2019 and plans to raise USD 1 billion by 2025-26.
Endowment funds are a big source of income for top global universities, which use a portion of it for development work and scholarships. Harvard University has an endowment corpus of more than USD 39 billion, while Stanford has an endowment corpus of USD 27.7 billion.
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