IIT-Bombay tells faculty to raise funds

Despite its reputation for being one of the best educational institutes in India, the Indian Institute of Technology, Bombay (IIT-B) is facing a cash crunch. On

Despite its reputation for being one of the best educational institutes in India, the Indian Institute of Technology, Bombay (IIT-B) is facing a cash crunch. On Friday, IIT-B director Subhasis Chaudhuri held a meeting with faculty to discuss fundraising options.

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At the meeting, the institute’s failing finances were highlighted and Chaudhuri told faculty members to tap alumni networks and explore other options for gathering donation.

“Now we have been asked to go looking for philanthropists and sponsors, offer our infrastructure so they can be renamed in lieu of funds. This is what it has come to,” said a professor, on the condition of anonymity.

Faculty members have been advised to bring sponsors from industries and corporates as well as donations from the alumni network, said sources in the institute. One of the ideas floated in the meeting suggested looking for patrons who may donate in return for their names being associated to building(s) on campus. The institute has looked at this form of funding in the past as well. An example of this would be the Shailesh J Mehta School of School of Management, which is named after an alumni.

Despite repeated attempts, Chaudhuri was unavailable for a comment.

IIT-B, one of the six Institutes of Eminence (IoE) declared last year, is set to receive ₹1,000 crore from the Union ministry of human resource development (MHRD) over the course of five years. However, so far it has received only around ₹43 crore, despite having asked for more, said sources in the institute.

When contacted, Rakesh Sarwal, the additional secretary of MHRD who handles IITs, refused to comment.

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