President launches endowment fund promoted by IIT-Delhi alumni

Prince Albert II of Monaco calls on the President Shri Ram Nath Kovind
Prince Albert II of Monaco calls on the President Shri Ram Nath Kovind Photo- MIB (File Photo)

President launches endowment fund promoted by IIT-Delhi alumni

New
Delhi, November 1: President Ram Nath Kovind on Thursday formally launched an endowment
fund
promoted by alumni of 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 the youth of the country in the form of scholarships. It aims to achieve
a target corpus of US dollars 1 billion over a period of seven years.  

Speaking
on the occasion, the President 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.”

IIT
D 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 for the
future workforce. Such endowments allow institutions like ours to engage confidently
in long-term planning without sustainability risk 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.

In
the past fifteen years, IIT Delhi alumni have founded the highest number of
successful start ups in India and have cumulatively raised a capital of US
dollars 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 education of one
student per year costing up to US dollars 10,000. This will get added to the
Endowment Fund.

By Sunderarajan Padmanabhan

(India Science Wire)

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