The Indian Institute of Technology (IIT) Bombay has secured a record Rs 700 crore in funding for research and development (R&D) during the 2023-24 academic year. This is the highest amount the institute has received in the last three years, surpassing Rs 576 crore in 2022-23 and Rs 502 crore in 2021-22.
IIT Bombay R&D Funding Sources
The R&D funds come from both government and private agencies. While 35% of the funding comes from private organizations, the rest is provided by government agencies. The funds will help the institute continue its efforts to drive innovation and make India more technologically independent.
IIT Bombay has been focusing on aligning its research activities with India’s goal of achieving technological self-reliance. The institute has established several multidisciplinary research centers to address complex national challenges. These centers bring together experts from various academic fields, including science, engineering, design, management, and humanities, to work on innovative solutions.
Large-Scale Projects
One major project to be funded by the grant is the Maharashtra Drone Mission, which is aimed at making Maharashtra a global leader in drone technology. This project, funded by the state’s technical education department, has an allocated budget of Rs 151.8 crore.
Another significant project is with the Ministry of Textiles, where IIT Bombay researchers will focus on developing hydrogen pressure vessels using textile-based composites. This project aims to boost innovation in the field of sustainable energy and advanced materials.
Contribution to Knowledge and Rankings
IIT Bombay is known for producing high-quality research that benefits not only government sectors and industries but also society as a whole. The institute is also involved in basic research that generates new knowledge and empowers India to become more self-reliant in technology.
IIT Bombay continues to maintain its global reputation for excellence. It was ranked among the top 150 universities in the world in the QS World University Rankings 2025 and secured a place in the top three of India’s National Institutional Ranking Framework (NIRF).
This Rs 700 crore funding will help IIT Bombay enhance its research activities and contribute to the country’s technological progress. The institute remains committed to offering solutions to complex problems and pushing the boundaries of science and technology.
