President Ram Nath Kovind launched the Indian Institute of Technology Delhi global alumni endowment fund on Thursday that will have an initial commitment of more than Rs 250 crore, nearly half of which will come from Flipkart co-founders.
For the fund with an initial seed capital of Rs 255 crore, IIT Delhi has set an aggressive target of raising Rs 1,000 crore by 2020 and Rs 7,000 crore by 2025, according to IIT officials.
"Endowments globally have become integral to the financial health of educational institutions overtime. 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 also supporting and nurturing future generations of learners," Kovind said while launching the fund at Rashtrapati Bhavan.
The president said the best way to honour a gift is to make the most of it.
"In the latest QS World University ranking 2020, IIT Delhi was ranked at 182. There is a lot of scope for improvement if it aims to be one of the top institutes in the world. It needs to increase the number of faculty, particularly faculty with international experience. Additionally, it needs to upgrade its infrastructure to ensure its campus, course content and research facilities are completely world class," he said.
The initial endowment amount and commitments have been collected from around two dozen alumni, who are committing between Rs 5 crore and Rs 25 crore each, except Flipkart co-founders Binny Bansal and Sachin Bansal who have contributed Rs 125 crore, the IIT officials said.
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