Record-Breaking ₹700 Crore Funding Fuels IIT Bombay's Research Revolution.

IIT Bombay Lands Massive ₹700 Crore R&D Grant, Setting New Standards in Innovation

Indian Institute of Technology Bombay’s (IIT-B) Research and Development Department has received the highest funding in the last three years, with an astounding rise of 39.44% from 2021. IIT-B's R&D has received ₹500 crore for the 2021–22 year and ₹576 crore for the 2022–23 term, while for the 2023–24 academic year, the institute acquired ₹700 crore in funding.

This significant boost in funding is an outcome of IIT Bombay's dedication to coordinating its research and development goals with India’s broader goal of achieving technological self-reliance. The institute has set up several sizable, multidisciplinary research centers with the goal of working with scholars from other academic disciplines to handle complicated problems collaboratively. Currently, IIT Bombay is working on several noteworthy projects, such as:

1. Hydrogen Pressure Vessel Manufacturing: Hydrogen can be used as a fuel in many innovative ways but its storage and transportation need safe and cost-effective solutions, the goal of this project is to create TeCoPV, or textile-based composites, which are used to store gaseous hydrogen. The initiative, funded by the Ministry of Textiles, intends to do life cycle studies and risk assessments in addition to building a platform for locally produced, affordable, and safe hydrogen storage solutions. Oak Ridge National Laboratory is also working on safe Hydrogen storage by creating concrete composite vessels.
2. Maharashtra Drone Mission is a five-year project with a ₹151.8 crore budget, funded by the government of Maharashtra's Technical Education Department. Its objective is to advance the creation of domestic drone technology and establish Maharashtra as a world leader in the area.

The director of IIT Bombay, Professor Shireesh B. Kedare, stated that researchers from a variety of disciplines, including science, engineering, design, management, and the humanities, actively engage in research at the university, every year IIT-B initiates a range of research and development initiatives, from brief consultancy assignments to extended sponsored research programs that usually last between two and five years. Both non-governmental and governmental entities provide funding for these projects.

This year, the institute has received financing for R&D from government agencies and industry for 35% of the total. Kedare underlined that IIT Bombay's excellent symbiosis of research and academia has made the university one of the top research and education institutions in the world. He added that tight cooperation on government research projects has contributed to securing additional grants from various government departments.

Editor’s Note:

IIT-B needs no introduction, it is well-known for its academic excellence and pioneering research, recently it secured a funding of ₹700 crore for the 2023–24 academic year, a noteworthy 39.44% rise from the previous year. The institute's strategic focus on matching its research objectives with India's larger goals of technological self-reliance and innovation is shown by this increase in financing. The university is working on significant projects such as hydrogen storage technologies and drone development, with significant backing from governmental and industrial sources. 

Skoobuzz congratulates and hopes that the strong financial support will uphold the institute’s reputation as a worldwide leader in the innovation and education sector.