Indian Institute of Technology Madras along with its associated entities, has raised a record high amount of Rs 231 crore in funding from alumni, industry and individual donors during the financial year 2022-23. This is the highest amount of funding raised by the institute in a single financial year for implementing social projects. This includes money raised by IIT-M from alumni and individual philanthropists in addition to CSR grants from Indian and multinational companies.
The funds raised grew 76% year-on-year vis a vis 131 crore raised in FY22. The number of donors who contributed over 1 crore also increased by 64% from the previous year. The total funds raised has grown at a CAGR of 45% over the last 10 years.
IIT-M’s research work around cutting-edge technology areas including 5G, brain research and quantum computing are a few avenues where alumni and the corporate sector have actively donated. Research carried out by IIT-M faculty in socially relevant areas has also been another draw. Funds raised are typically utilised to support infrastructure development, scholarships, chair professorships, and research.
Out of the 231 crore, alumni and individual donors both in India and globally contributed nearly 96 crore (41%) for the development of the institute. The CSR contribution from companies more than doubled from the previous year with the addition of 40 new partnerships in just the last year alone, the institute data showed.
Kaviraj Nair, CEO, Office of Institutional Advancement, IIT Madras, says the institute’s alumni offer various forms of support including technical expertise, professional networks, and financial contribution.
“Alumni contribute to improving the overall infrastructure on the campus, such as the construction of innovation hubs, indoor sports complexes, or the purchase of electric buses for campus transportation,” he said.
Original News Link
https://www.iitm.ac.in/happenings/press-releases-and-coverages/iit-madras-raises-rs-231-cr-funding-alumni-firms-donors
