The Hon’ble President of India, Shri Ram Nath Kovind, launched the Endowment Fund from the Rashtrapati Bhawan on 31st October 2019. Prof V. Ramgopal Rao, Director, IIT Delhi, Prof Sanjeev Sanghi, Dean, Alumni Affairs and International Programmes and a few Endowment Fund founder alumni were present.
The endowment fund was launched with an initial commitment of Rs 255 crore. The aim of the fund is to reach a figure of 1000 crores by the end of 2020 and a billion US dollars by the end of 2025. The endowment fund will work towards the development of the institute, encourage innovation and entrepreneurship. The endowment will be managed by a board comprising Alumni and Director IITD and Dean AAIP. The Board will supervise and manage the spending of the interest received from the principal amount while the base amount remains untouched. IIT Delhi has become the first institute in the nation to launch a billion-dollar Endowment Fund. “Such endowments also allow institutions like ours to confidently engage in long-term planning without sustainability risk to critical projects. This will also put IIT Delhi on the global map for education along with the prominent foreign universities,” said Director V. Ramgopal Rao. Further, he added an insight into the setting of the target, “Initially, we were planning only for a Rs 1000 crore fund but after talking to various past students, investment bankers, we thought to have a bigger ambition for 2025”.
The endowment structure would also compete with the best in the world. “The beauty of this initiative is that it is being spearheaded by the IITD alumni themselves. Instead of the Institute administration reaching out to the alumni for contributions, it is the alumni who are making it into a movement. They are creating an endowment structure, which will compete with the best in the world. With a strength of more than 52,000 alumni backing, we are confident this will create a model endowment fund, which can be emulated by all Indian universities,” said Prof Sanghi. Addressing the current students of IIT Delhi, Prof Sanghi said, “It is time for the IITD community including the alumni to stand up and be counted. Let us show the others in the world that we too are a force who can create a global structure second to none. The onus will be on you to take this fund from 1 billion to 10 billion dollars, twenty years from now. I am sure as IITD graduates you will be in a position to do so!”
Prof. Sanghi also mentioned that around the Thanksgiving and Christmas donation season, IIT Delhi will be launching the ‘Each One Teach One’ scheme to support the education of one student per year costing up to 10,000 USD, which will get added to the IIT Delhi Endowment Fund. The setting up of the IIT Delhi Endowment fund could be possible due to the efforts of the successful and hard-working alumni of the institute who still hold the values they learned at IIT Delhi. At a time where no such scheme existed at all, Vikram Gupta spearheaded the initiative to collect about 80 Lakh rupees from the 1993 batch during the Silver Jubilee celebrations. He wanted this fund to contribute to the endowment fund. Till then, most of the reunions were merely talks, and no significant collection was made, except many years back when a batch collected a fund for construction of some new hostel wings. It is because of the persistent efforts of benevolent alumni like Vikram Gupta and Director Prof. Ramgopal Rao and Prof Sanjeev Sanghi Dean, Alumni Affairs, who were always very encouraging and always offered all possible support.