IIT Madras Secures 'Record-Breaking' Funding Of Rs 513 Crore In FY 2023-24
The Institute also attracted total new pledges of Rs 717 crore from alumni and corporate partners during the FY 2023-24.
The Indian Institute of Technology Madras (IIT-M) has secured a record-breaking Rs 513 crore, making it the highest-ever funding received by the educational institution.
An official statement released by IIT-M stated this year's fundraising total showed a staggering 135% increase compared to the Rs 218 crore raised in the previous financial year. Contributors to this annual program include alumni, corporations, and individual donors.
The funds are earmarked for technology research and development, as well as deploying existing IIT Madras technology in various parts of the country based on societal needs. The institute's press release states the funds will also be "used to support deserving students with scholarships as well as to support the growing infrastructural needs of the institute."
Expressing gratitude, IIT Madras director, Professor V. Kamakoti, said, "Steep academic growth necessitates a steep rise in funding. Thanks to all CSR partners and alumni of IIT Madras for trusting and supporting us in raising this all-time high quantum of funding."
The institute further elaborated that "the number of donors giving over Rs 1 crore to the institute is 48 (16 alumni donors and 32 corporate partners).
Of the total amount raised, alumni alone donated Rs 367 crore, representing a 282% increase compared to the previous year.
Dean (Alumni and Corporate Relations) Prof. Mahesh Panchagnula called the funds "historic" and said "the relationships we built along the journey are deep and the source of our true strength."
IIT Madras currently runs several projects through the generous support of its alumni network and corporate partners. These projects include the Wadhwani School of Data Science and AI, the Jaisri and Venkat Wind Energy Center, the Walmart Centre for Tech Excellence, and the FedEx Centre for Sustainable Supply Chains.
The Institute also attracted total new pledges of Rs 717 crore from alumni and corporate partners during the FY 2023-24.
