President Ram Nath Kovind on Thursday formally launched an endowment fund promoted by alumni of the India Institute of Technology-Delhi. The founder alumni of the fund announced an initial commitment of Rs 250 crore on the occasion of the launch.
The fund will work towards the development of IIT-Delhi and nurture innovation among youth of the country in the form of scholarships. It aims to achieve a target corpus of USD $1 billion over a period of seven years.
Speaking on the occasion, President Kovind said, “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 they are also supporting and nurturing future generations of learners.”
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IIT-Delhi director Prof. V Ramgopal Rao said, “The institute was striving to offer the best of facilities to students. This endowment fund is a testimony to our efforts to ensure that right support is provided in terms of academic guidance and infrastructure to make ready the future workforce. Such endowments allow institutions like ours to engage confidently in long-term planning without sustainability risks to critical projects.”
Prof. Sanjeev Sanghi, Dean (alumni affairs and international programmes) expressed confidence that the fund will turn out to be a model that can be emulated by other institutions in the country.
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In the past fifteen years, IIT-Delhi alumni have founded a significant number of successful startups in India and have cumulatively raised a capital of USD $14 billion, almost double the amount of capital raised by the next best, an institute press release said.
A committee consisting of eminent alumni will manage the endowment fund. The institute will also launch an ‘Each One Teach One’ scheme around the Thanksgiving and Christmas donation season, to support the education of one student per year with a sponsorship of up to USD $10,000. This will be added to the Endowment Fund.