The Hindu Business Line : IIT Bombay draws up mega plan for 150th year

The Indian Institute of Technology, Bombay, is set to make its Golden Jubilee year (2008) a lucrative one. The educational institute has set up a Golden Jubilee Office to raise Rs 300 crore, with the official fund raising campaign kicking off in July. The idea is to use the institute's 150th year celebrations to draw attention to its many accomplishments so as to attract contributions from Corporate India and IIT alumni, and possibly the Government too.

Prof R.K. Shevgaonkar, Dean of Resource Mobilisation, who is heading the fund-raising drive, said the IIT plans to raise two-thirds of its target from Corporate India and IIT alumni, with the balance hopefully coming from the Government.

According to him, the funds will be used for a wide range of projects. "They could be used for setting up a laboratory, for new buildings or for new technologies such as bio-technology or nanotechnology," he said. "We also require funds for faculty housing, student hostels and gymnasium facilities." In addition to the Department of Resource Mobilisation's efforts, the IIT Director, Prof Ashok Misra, said the institute was looking outside its walls for fund-raising assistance to speed up the process.

According to Prof Misra, part of the problem for institutions such as the IIT is that they are bound by rules that specify a fixed salary scale and the limitation on remuneration hampers the ability to attract suitable talent. "We are not geared up like the (United) States," he said. "We are bound by salary scales, so we can't pay someone more than the stipulated amount. However, if we hire a consultant then it is a different matter."

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