The Indian Institute of Technology Madras (IIT Madras) has announced a achievement in fundraising during the financial year 2023-24. The institution has garnered an unprecedented sum of Rs 513 crore from a diverse array of sources including alumni, industry, and individual donors. Additionally, it has secured new pledges amounting to Rs 717 crore from alumni and corporate partners, further solidifying its financial position and its commitment to advancing technology research and development.
The funds acquired by IIT Madras are earmarked for various crucial purposes. Firstly, they will fuel ongoing technology research initiatives and support the deployment of existing technologies to address pressing societal needs across different regions of the country. Moreover, a portion of the funds will be allocated towards scholarships for deserving students, thereby facilitating their educational journey. Additionally, the institute plans to utilize the raised capital to bolster its infrastructure, ensuring it remains at the forefront of technological innovation and academic excellence.
Notably, the substantial increase in funding represents a significant leap from the previous financial year, marking a 135 percent surge from Rs 218 crore to Rs 513 crore. This remarkable achievement has been made possible through the generous contributions of 48 donors, including 16 alumni and 32 corporate partners, each pledging over Rs 1 crore. The donors comprise a mix of individual philanthropists, corporate social responsibility (CSR) initiatives, and grants from both Indian and multinational corporations.
Expressing gratitude for this overwhelming support, Prof. V. Kamakoti, Director of IIT Madras, acknowledged the pivotal role played by alumni, corporate firms, and philanthropists in realizing this milestone. He emphasized the indispensable link between academic growth and financial backing, highlighting the importance of continued support for the institute’s endeavors.
A significant portion of the funds, amounting to Rs 367 crore, was contributed by alumni alone, marking a staggering 282 percent increase from the previous year. These contributions have been directed towards advancing cutting-edge research across various social impact themes, enhancing infrastructure, and facilitating scholarships for students. Additionally, efforts have been made to establish Chair Professorships to foster research in specific areas, further enriching the academic landscape of the institute.
In recent years, IIT Madras has distinguished itself as a national leader in ‘Tech-Driven CSR,’ leveraging its research prowess to develop tangible solutions that benefit society at large. By translating groundbreaking research into practical applications, the institute continues to make significant strides in addressing pressing societal challenges and contributing to the advancement of the nation.
The record-breaking fundraising achievement not only underscores the unwavering commitment of stakeholders towards IIT Madras but also reaffirms the institute’s position as a beacon of innovation and excellence in the field of technology and academia. With continued support and collaboration, IIT Madras is poised to embark on new frontiers of discovery and societal impact, shaping a brighter future for generations to come.
