"The revised Cost Estimate is Rs. 13,990 crore for establishment of eight new IITs over a period of 11 years from 2008-09 to 2018-19. The original project cost was Rs. 6080 crore. The increase in expenditure due to escalation in both time and cost overrun is Rs. 7910 crore," read a government statement.
The student strength in each IIT at the end of the project will be 2360. The total student capacity would be 12880 in these eight IlTs by the end of the 11th year i.e. March, 2019.
"The direct beneficiaries in terms of numbers would be about 12880 students. However, indirectly the eight new IITs would be expected to bring about quantitative and quality growth in the areas of research, publication of books and research papers, registered patents / trademarks / designs, quality improvement programmes. These institutes would also meet the emerging needs of the industry and the economy as a whole, for skilled technical manpower is expected to be met from the talent pool of trained personnel of these new institutions. Apart from this, these institutions will provide research and development atmosphere with sizeable infrastructure which will contribute to new innovations and good faculty for premier technical educational institutions in the country," read the statement.
IITs are institutions of national importance and have a brand name across the world, the products of IITs have been highly rated and have already brought reputation to the nation.
A large number of alumni have contributed to the nation in terms of employment generation, wealth creation, and technology development. Apart from this, the IITs through research & development, technology innovations and entrepreneurial spirit have contributed to the economic growth of the nation.
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