IIT-Delhi launches Global Alumni Endowment Fund, targets $1 billion in seven years

As per the scheme, the student will receive an aid of 10,000 USD from the alumni endowment fund.

President Ram Nath Kovind launches the endowment fund of IIT Delhi. Image source: PIB

The Indian Institute of Technology Delhi (IIT-Delhi) will soon launch the ‘Each One Teach One’ scheme to support education of a student per year. As per the scheme, the student will receive an aid of $10,000 from the alumni endowment fund.

The endowment fund will be provided by the noted alumnis- Binny and Sachin Bansal of Flipkart, Sandeep Singhal and Kavita Iyer, co-founder of West Bridge Capital and Sequoia Capital India, and trustees of SIFF respectively, and others.

The institute has also launched its global alumni endowment fund of Rs 250 crore by over 10 founder alumni in presence of President of India, Ram Nath Kovind.

Delighted to launch the endowment fund of IIT Delhi.

Confident that this will act as catalyst for other institutions across the country to launch similar initiatives.

My best wishes to @IITDelhi and its alumni for taking this pioneering initiative in the country. pic.twitter.com/zaIEtRvfvV

— President of India (@rashtrapatibhvn) October 31, 2019

Addressing the occasion, Kovind said, “Endowments globally have become integral to the financial health of educational institutions over time. While we are still far from the size and importance of endowment funds of institutions such as Harvard, Yale or Columbia, it is the right first step in this direction. By giving through endowments, alumni are not just giving to their institution but they are also supporting and nurturing future generations of learners.”

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V Ramgopal Rao, Director, IIT Delhi said, “We are immensely proud of the success our alumni have achieved over the years across sectors and applaud their contribution to the economy.”

The endowment will be managed by a committee whose initial members are V. Ramgopal Rao, Director, IIT Delhi, Sanjeev Sanghi, Dean, Alumni Affairs and International Programmes, IIT Delhi, Arun Duggal, Chairman, ICRA and Founder, Centre of Excellence for Research on Clean Air (CERCA) at IIT Delhi, and others.