IIT-Bombay plans to increase the number of faculty chairs to 50 from the current 20 by the year-end. Each chair, the institute estimates, can provide a top-up salary of Rs 20,000 per professor. Recently, Rahul Bajaj and Naushad Forbes committed one chair each at IIT-Bombay. The institute already has chairs from Larsen and Toubro and ICICI Bank among others.
"There are only two ways of increasing the salary for the faculty: either the human resource development ministry increases it or we have new means of creating chairs. We have decided to go the other way. Earlier, we used the chair money to give salaries to the professors. But now we use it to give their top-up salaries," says Ashok Misra, director, IIT-Bombay.
In order to attract and retain quality faculty, the institute will provide a
