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Fund-starved IIT Bombay welcomed the decision of the central government to allocate substantially more funds to the IITs in the current year's budget, though the amount is not sufficient to construct new infrastructure and take up research projects.
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All the IITs, including seven new IITs, have been collectively offered INR 7,856 crores this year in the budget. This figure is INR 2,468 crores more than the last years' revised allocation. An official of IIT-B said that the increase in revenue is not enough to meet the financial requirements for its new project Vishwajeet under which the HRD ministry wants to catapult the IITs as the top academic institutes of the country.
In the current financial year, IIT Bombay plans to invest around INR 2,300 crore in different segments like -
- Infrastructure development
- Research activities
- Increase the number of faculties
Additionally, it is important to note that IITs operate on an international level, and therefore, the requirements of the institute are much higher. It is seen that teaching doesn't cost as much money as research does. The expenditure linked to research is much more.
The institute in its draft plan underlined a five-year plan to transform IIT-B into a leading global technological university. The funds allocated to the institute have grown in size over the years. However, the planned and non-planned grants on per student basis are decreasing abruptly.
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Around 55% of the funds for IIT-B come from the government. The institute is planning to expand its non-MHRD funds. Current funds are just enough to pay the pensions and salaries of the professors. The budget hike is not sufficient to meet its requirements, said an official of the institute.
