A top official of IIT Madras said in a statement "Attracting foreign nationals as faculty members, increasing the industry- institute research partnerships and donations from Indians and alumni, nurturing entrepreneurial skills among its students and drawing top corporates to its campus for job placements are some of the goals that the Indian Institute of Technology - Madras (IIT-M) is pursuing."
He further added "The institute has got a sanction of Rs 750 crore as its budget for the next fiscal from the central government and first tranche is expected to soon."
"IIT-M plans to have around 100 foreign nationals as its faculty over the next three years. To start with, the institute plans to hire around 25 foreign nationals as faculty members," Pawan Goenka, Chairman, Governing Board of IIT-M and Managing Director, Mahindra & Mahindra Ltd., told reporters.
The institution is now working hard on enabling the factors which can attract the foreign faculty members.
Most of the projects in IIT-Madras are funded by the government on which Goenka said "Nearly 75 per cent of funds for research projects are from government and the balance by the industry. This ratio has to be reversed."
He also said that Make in India project will be an empty promise if there is no research and development in India.
According to the Goenka the gap between the institute's basic research and industrial research needs to be bridged so that there can be active institute-industry interaction.
When queried about Indian businessmen donating huge sums to foreign universities, Ramamurthi said "the IITs are changing now to accept donations from industrialists."
"Donations to foreign universities are of two kinds. One, where the donor expect a facility to be named as per his wish. The other kind of donation is to prestigious institutes out which many new products emerge. The donor company/individual would benefit out of the brand equity that the product/technology that emerges out of that facility," Ramamurthi said.