According to the revised cost estimates to set up the 8 new IITs, turns out to be more than double the initial budget set for the same. The budget increase is claimed to help the institutions bring about quantitative and qualitative growth in research and publications aspects.
The Union Cabinet recently approved the revised cost estimates for setting up 8 new IITs in the country at the following locations at Bhubaneswar, Gandhinagar, Hyderabad, Indore, Jodhpur, Mandi, Patna and Ropar.
The revised estimate budget to set up 8 new IITs is Rs 13,990 crore to be spent over a period of 11 years from 2008-09 to 2018-19.
The original project cost was Rs 6,080 crore. The increase in expenditure due to escalation in both time and cost overrun is Rs 7,910 crore, an official statement said.
By the end of the 11th year of the project i.e., March 2019, the total student strength in all of these IITs would be 12,880 with 2,360 each.
The direct beneficiaries of this project would be about 12,880 students. The new IITs would however be expected to bring about quantitative and quality growth in the areas of research, publication of books and research papers, registered patents, trademarks, designs and 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...these institutions will provide research and development atmosphere with sizable infrastructure," the statement said.
In July, 2008, the Union Cabinet had approved establishment of eight new IITs. Each institute was to be established with a total outlay of Rs 760 crore amounting to Rs 6,080 crore for all eight new IITs.