Schedule a Call Back
IIT Madras raises Rs 5.13 billion for technology R&D in FY 2023-24
Articles- May 10,24
IIT Madras raised a record-breaking Rs 5.13 billion in funding during FY 2023-24 from alumni, industry, and individual donors, with an additional Rs 7.17 billion in pledges. The funds will be utilized for technology research, student scholarships, and infrastructural development.
Indian Institute of Technology Madras (IIT Madras) has raised a record breaking amount of Rs 5.13 billion in funding from its alumni, industry and individual donors during the financial year 2023-24. The Institute also attracted total new pledges of Rs 7.17 billion from alumni and corporate partners during the FY 2023-24.
The funds received would be used for technology research and development as well as for deploying technology already built by IIT Madras, in various parts of the country based on the societal needs. In addition, it is also used to support deserving students with scholarships as well as to support the growing infrastructural needs of the institute.
For the second consecutive year, the Institute has set a new record for the highest amount of funding raised in one financial year by an academic institute to undertake path breaking tech research, student projects as well as to develop cutting-edge infrastructure in the campus.
This historic high of Rs 5.13 billion is a 135% increase from the amount raised in the previous financial year of 2022-23, when Rs 2.18 billion was raised. 48 donors gave over Rs 10 million to the Institute. The funds were raised from IIT Madras alumni and individual philanthropists in addition to CSR funds and grants from Indian as well as Multinational Corporate firms.
Prof. V. Kamakoti, Director, IIT Madras, said, "Steep academic growth needs steep rise in funding. Thanks to all CSR partners and Alumni of IIT Madras for trusting and support us in raising this all-time high quantum of funding."
The fundraising is led by IIT Madras' Office of Institutional Advancement, overseen by the IIT Madras Alumni Charitable Trust, an organisation consisting of well-wisher alumni who have played a crucial role in this year's success.
(Source: IITM)
Related Stories
Plastic, Packaging & Printing
BioReform scales biodegradable bags, expands global sustainability footprint
BioReform, an AIC-IIITH incubated startup, is advancing biodegradable packaging solutions, expanding across metros and global markets while replacing millions of single-use plastic bags.
Read morePolicy Regulation
Cabinet Approves Rs 336.60 Billion BHAVYA for 100 Industrial Parks
The Union Cabinet has approved BHAVYA, a Rs 336.60 billion scheme to develop 100 plug-and-play industrial parks, boosting manufacturing, investment and employment across India.
Read moreMachine Tools & Accessories
SPCE Honours Ayaz Qazi with Lifetime Achievement Award
SPCE Alumni Association honours Ayaz Qazi for four decades of engineering excellence, leadership, and innovation across precision manufacturing, sports equipment, and defence.
Read moreRelated Products
Programmable Controllers - Pcd-33a Series
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Pro-Med Instruments (P) Ltd offers a wide range of programmable controllers - PCD-33A Series.
Gasket Graphite Powder
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Arihant Packing & Gasket Company offers a wide range of gasket graphite powder.
Asahi Kasei expands 3D printing filament sales in North America
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Asahi Kasei, a leading resin and compounding technology provider, has initiated the sales of 3D printing (3DP) filaments in North America through Asahi Kasei Plastics North America (APNA). The soft la Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
