IIT Bombay makes Rs. 17.99 crore revenue, highest among IITs in country

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As per PTI, IIT Bombay was followed by IIT Madras and IIT Delhi in terms of income generated from these sources.
As per PTI, IIT Bombay was followed by IIT Madras and IIT Delhi in terms of income generated from these sources.

Mumbai : The esteemed engineering institute, Indian Institute of Technology (IIT) Bombay has 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, made through Acts of Parliament for nurturing brilliance in education.

As per PTI, IIT Bombay was followed by IIT Madras and IIT Delhi in terms of income generated from these sources.    

The revenue generated by IIT Bombay during 2016-17 and 2015-16 was Rs. 17.11 crore and Rs. 10.55 crore respectively, according to the data.

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.

A source from the ministry told 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 money made 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.