Granted IoE tag, IIT-Bombay projects 50% rise in revenues in five yearshttps://indianexpress.com/article/education/granted-ioe-tag-iit-bombay-projects-50-percent-rise-in-revenues-in-five-years-5359559/

Granted IoE tag, IIT-Bombay projects 50% rise in revenues in five years

As an Institute of Eminence, the institute will be allowed to fix and charge the fees for foreign students.

Granted IoE tag, IIT-Bombay projects 50% rise in revenues in five years
In its application, accessed by The Indian Express, the institute has projected a significant hike in funds collected as fees from students over the next five years. In the last financial year, the institute collected Rs 58 crore in student fees.

THE INDIAN Institute of Technology, Bombay, which is one of the six Institutes of Eminence (IoE) in the country, has projected a 50 per cent increase in revenue in the next five years. The institute, in its application to the government for the IoE status, has proposed to almost double its earnings from student fees and almost triple from donations.

In its application, accessed by The Indian Express, the institute has projected a significant hike in funds collected as fees from students over the next five years. In the last financial year, the institute collected Rs 58 crore in student fees.

Currently, there are over 10,000 students on the rolls, including undergraduate students, post-graduate students and doctoral candidates. In its financial statement to the central government, the institute has projected earnings of Rs 101 crore in 2021-22 from the student fees — a growth of 75 per cent. However, the projections are unlikely to affect the fee structure, said the application.

“Fees for regular students are unlikely to be increased significantly in the near term. However, increases in fee income are possible for well targeted professional courses and short-term courses for executives. Research funds have been increasing and should continue with a greater emphasis on industry funds. The growth of consultancy income has been slower and the fraction of faculty involved in this activity is small. Schemes to increase consultancy projects need to be developed,” reads the application.

When contacted, IIT B Director Devang Khakhar said: “The fee structure will not change. Instead, we will introduce non-subsidised specialised programmes. The management and board of governors are in talks and nothing has been finalised yet.”

As an Institute of Eminence, the institute will be allowed to fix and charge the fees for foreign students. The institute proposes to earn Rs 1 crore a year on an average from international students over the next five years. Over the past two years, attempts at revising the fee structure have met with severe protests by students on campus.

In its proposal, based on which the government has granted the IoE status, the institute has estimated that its earnings will grow from Rs 1,495 crore in 2017-18 to Rs 2,237 crore in 2021-22. The biggest jump in revenue appears to be from donations. While in 2017-18, the institute received Rs 42 crore in donations, including alumni support and international donations, earnings from donations are projected to grow almost three times by 2021-22.

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The institute aims to receive Rs 119 crore from donations alone (a growth of 183 per cent over 2017-18). Sources in the institute said the management is planning to leverage its alumni networks to pool in donations for infrastructural developments.