IIT Alumni Council Announces Setting Up Rs 21,000 Crore Fund To Realise PM Modi's Call For Aatmanirbhar Bharat

IIT Alumni Council Announces Setting Up Rs 21,000 Crore Fund To Realise PM Modi's Call For Aatmanirbhar BharatIITs are India’s premier engineering institutions.

The Indian Institute of Technology (IIT) Alumni Council has resolved to give a push to Prime Minister (PM) Narendra Modi's call for the building of an Aatmanirbhar Bharat by the creation of a Rs 21,000 crore-strong largest social initiative fund of India to improve social infrastructure in the nation by the deployment of innovative technology, reports Hindu Businessline.

As much as Rs 15,000 crore of the overall fund size will be raised from IIT alumni-controlled funds, governments, banks, corporates, global foundations and financial institutions. Rs 3,000 crore will also be contributed by the fraternity of the IITs, Mumbai University (MU) and the Institute of Chemical Technology (ICT).

Apart from these, another set of Rs 3,000 crore will be raised from the Pan-IIT Fund which was launched on 1 April this year itself.

Council's president Ravi Sharma boasted that the members of the council include over 100 Padma awardees and thousands of PhDs and that the Council will mark a dedication of the alumni community of IITs, MU and ICT's towards the mission to realise an Aatmanirbhar Bharat.

The IIT Alumni Council is the largest global body of alumni, students and faculty, spread across all the 23 IITs.