IITs across India have decided to appeal outgoing students to contribute up to 1 per cent of their yearly salaries to their respective alma mater. The proposals were made basis the recommendation given by some IIT directors and were given a green signal in IIT council meeting, the Economic Times reported. The members said that students should be "encouraged to contribute 1 per cent of their earnings to their alma mater". Notably, the decision is not an isolated one as universities across western countries have similar arrangements of income-sharing.
The proposal said, "This will enhance IITs' revenue, which can be used for further growth and development." The members of IIT council clarified this will in nature of an appeal to outgoing students, not an obligation. The students will be 'appealed' to contribute towards the growth of their alma mater. One of the members who attended the council's meeting said, "It will only be an appeal. IITs will simply ask their passing out batch to consider this as an option. Many foreign universities follow the practice of having the outgoing batch pledge a certain portion of their earnings to the alma mater. This is one way of making an institute self-sustainable."
IITs are country's prestigious technology education institutions and its alumni are known to secure big fat remuneration. The 2017-18 placement data showed that the median salary at IIT, Bombay jumped the seven-figure mark. In fact, more than 10 students, managed to get packages over a crore after completing their graduations in technology.
In fact, the older IITs have been trying to tap in the strong alumni base to raise endowment funds and have managed to secure a steady flow of funds in the last few years. IITs are now trying to self-sustain in terms of funds for a long time now. Similar to IIMs which that were granted autonomy last year through an act of Parliament, IITs is also trying to be independent. However, one of the major issues which may hamper its plans is the IITs high dependency on governments for funds. The latest decision of IITs to increase the fees of M.Tech also did not go well with students.
