The Hindu Business Line : IIT-B alumni set up fund to attract young faculty

Mumbai, Dec 29 For the batch of 1982, it is a different sort of tribute that they seek to pay to their alma mater, IIT Bombay. Celebrating their “silver reunion” this year, the batch wants to create a lasting legacy at the institute through initiatives like the Young Professor Bonus Fund to help attract young faculty.

The decision to address the faculty crunch facing universities, including IIT-B, was arrived at after brainstorming both online and offline, through meetings at Mumbai, Pune, New York and California, says Dr Ajit Ranade, Chairman of IIT-B’s Alumni Association, who also wears the hat of Chief Economist at the Aditya Birla Group.

Through its “Legacy Project”, the 300-strong batch is creating a Rs 6-crore fund through voluntary contributions, and the interest from this fund would support a joining bonus of Rs 3 lakh for new faculty. “We are already close to collecting Rs 4 crore,” he told Business Line, and the amount would be handed to IIT-B Director Dr Ashok Misra at a formal event on Sunday.

The bonus will be given as Rs one lakh per year for three years. It is during the first three years that new professors need support, as after that they get access to grants and consultancies, said Mr D. Natraj, an entrepreneur and software consultant in Silicon Valley, California, who is in Mumbai for the event.

“We are looking to attract young PhDs trained in the country or overseas to IIT-Bombay,” Dr Ranade said. While the sign-on bonus will not interfere with the faculty selection process or salaries of the institute, it will help address the faculty crunch facing these institutes, he said.

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