The Cabinet Committee on Economic Affairs has approved the collaboration project of Indian Institute of Technology Hyderabad (IIT-H) under the Official Development Assistance (ODA) loan by Government of Japan and grants by Ministry of Human Resource Development (MHRD), Government of India.
The project costing Rs 1,776.50 crore will be financed out of the ODA loan of Rs 1,501.72 crore from the Government of Japan. The balance of Rs 274.77 crore represents the 15.5% non-eligible portion of the project. This balance is the Indian portion to be met from grants by MHRD over a period of four years starting from 2013-14 to 2016-17.
The project is aimed at creating value addition through collaborative interactions with academics and the industry of Japan and exchange of students and faculty.
Further, it aims at enhancing cooperation between the two nations in the area of science & technology and human resource development. For the Indian side, the project would also help in creation of a number of basic infrastructure facilities and faster scaling up of a quality institution viz. IIT Hyderabad with benefits for the Indian economy.
IIT Hyderabad is one of the eight new IITs established by the government in 2008 at an estimated cost of Rs 760 crore based on the Cabinet’s approval in July, 2008.
The IIT Hyderabad and Japan collaboration is an externally aided central sector project emanating from the broader Indo-Japan Collaboration and agreement between the Prime Ministers of India and Japan for a Japanese loan to fund specific projects of IIT Hyderabad.
