Cost of setting up eight new IITs more than doubles to Rs13,990 cr
01 Jul 2016
The union cabinet on Thursday approved the revised cost estimates for establishment of eight new Indian Institutes of Technology (IITs) to Rs13,990 crore from the original Rs6,080 crore.
The government had set up eight new IITs at Bhubaneswar, Gandhinagar, Hyderabad, Indore, Jodhpur, Mandi, Patna and Ropar, which are now operating from make-shift facilities.
The Rs7,910-crore increase in expenditure is due to escalation in both time and cost overrun, says an official release.
The student strength in each IIT at the end of the project will be 2,360. The total student capacity would be 12,880 in these eight IlTs by the end of the eleventh year, ie, March 2019.
The direct beneficiaries in terms of numbers would be about 12,880 students. However, indirectly the eight new IITs would be expected to bring about quantitative and quality growth in the areas of research, publication of books and research papers, registered patents / trademarks / designs, quality improvement programmes.
These institutes would also meet the emerging needs of the industry and the economy as a whole, for skilled technical manpower is expected to be met from the talent pool of trained personnel of these new institutions. Apart from this, these institutions will provide research and development atmosphere with sizeable infrastructure which will contribute to new innovations and good faculty for premier technical educational institutions in the country.
IITs are institutions of national importance and have a brand name across the world and its graduates have been highly rated and have already brought reputation to the nation. A large number of alumni have contributed to the nation in terms of employment generation, wealth creation, and technology development. Apart from this, the IITs through research and development, technology innovations and entrepreneurial spirit have contributed to the economic growth of the nation.
As per the original cost estimates approved at the cabinet meeting held in July 2008, each institute was to be established with a total outlay of Rs760 crore, amounting to Rs6,080 crores for all eight new IITs.
