Premier technology and engineering institute, Indian Institute of Technology (IIT) Bombay generated revenue of Rs 17.99 crore during 2017-18 from inventions, research, consultancy and patents, suggests Human Resource Development (HRD) Ministry data. According to this data, IIT Bombay, the institute which was awarded 'Institution of Eminence' award by the HRD Ministry recently, generated the highest revenue among IITs, which are institutions of national importance established through Acts of Parliament for fostering excellence in education.
Press Trust of India reported that IIT Bombay was followed by IIT Madras and IIT Delhi in terms of revenue generated from these sources.
The revenue generated by the institute during 2016-17 and 2015-16 was Rs 17.11 crore and Rs 10.55 crore respectively, according to the data.
A senior official from the ministry told PTI that 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).
At present, there are twenty three IITs located in the country including IIT Kharagpur, IIT Kanpur and IIT Guwahati.
"GIA is given for development of infrastructure and to meet recurring expenses such as salaries, fellowships, pensions and other administrative expenses," the official added.
"The amount of revenue generated depends on the number of inventions, research and consultancy projects undertaken and patents filed by an institute," the official said.
The revenue generated by IIT Madras during 2017-18, 2016-17 and 2015-16 was Rs 11.67 crore, Rs 10.87 crore and Rs 7.15 crore respectively.
IIT Delhi generated Rs 10.61 crore, Rs 8.841 crore and Rs 7.030 crore during the corresponding periods.
The HRD Ministry granted the Institution of Eminence (IoE) status to IIT Bombay along with IIT Delhi and IISc Bangalore on July 9, 2018.
Along with these three public institutes, HRD also accorded IoE status three private institutes, Jio Institute (Reliance Foundation), Pune, Birla Institute of Technology & Sciences (BITS) Pilani, Rajasthan; and Manipal Academy of Higher Education, Manipal, Karnataka.
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