IIT Bombay, one of the most prestigious institutes of India, has created a new benchmark by generating the highest revenue of Rs. 17.99 crore during 2017-18 through its inventions, research, consultancy, and patents. The revenue generated by the institute during the year 2016-17 and 2015-16 was Rs. 17.11 crore and Rs 10.55crore respectively.
Followed by IIT Bombay, IIT Madras and IIT Delhi generated the revenue of Rs. 10.87 crore and 10.61 crores respectively in the year 2017-18.
The five premiere Indian Institutions of Technology namely IIT Bombay, IIT Madras, IIT Delhi, IIT Kanpur and IIT Kharagpur have together generated nearly Rs. 140 Crore in revenue over past three years from inventions, research, consultancy and patents.
As per the official report, the amount of revenue generated depends on the number of inventions, research and consultancy projects undertaken, and patents filed by Institute students and professors.
Speaking on the achievement, Prof. Devang V Khakhar, Director IIT Bombay said, “All the credit goes to our faculty members who have done very hard work, this has also been possible because a good number of partnership with the industry for different kind of activities.”
As compared to other engineering colleges, IITs receive comparatively higher grants. While the total government funding to other engineering college is around Rs. 10- 20 Crore, each IIT receives a fund of Rs. 90-130 crore per year.
“There is no relationship between the revenue generated by IITs and the annual budget allocated to them by the ministry in the form of grants-in-aid (GIA),” a senior HRD Ministry official said.
“GIA is given for development of infrastructure and to meet recurring expenses such as salaries, fellowships, pensions and other administrative expenses.
The amount of revenue generated depends on the number of inventions, research and consultancy projects undertaken and patents filed by an institute,” he added.