New Delhi, Sep 7 : The Indian Institute of Technology (IIT) Bombay secured a record Rs 700 crore as an annual grant for research and development in 2023-24.

This is the highest funds received in the last three years. In 2022-23, the institute received Rs 576 crore, and Rs 502 crore in 2021-22.

The R&D funds are a combination of those received from government and non-government agencies. While funding from private agencies makes up 35 per cent of the grant, the rest is constituted by government agencies.

'IIT Bombay has made concerted efforts to align its R&D focus with the national goal of achieving technological self-reliance. The Institute has set up several large multidisciplinary research centres to address complex problems in a holistic way involving researchers from different academic units,' the Institute said, in a statement.

It noted that both students and faculty members conduct research projects in all areas of science, engineering, design, management, and humanities.

'New R&D projects, both short-term consulting and long-term sponsored research, are initiated every year in all the areas of science, engineering, management, design, and social sciences. Duration of the projects typically ranges from 2-5 years,' the institute noted.

IITB will use the grant to undertake projects like the Maharashtra Drone Mission by the technical education department. In a bid to foster indigenous technology development and establish Maharashtra as a global leader in drone technology, the department funded a project with an outlay of Rs 151.8 crore.

The institute will also work on a project for the Ministry of Textiles -- developing hydrogen pressure vessel manufacturing using textile-based composites.

IIT-Bombay has secured its name among world-class institutions. It was among the top 150 universities in the world in the QS World University Rankings 2025. IIT-Bombay also featured among the top three in the recently released National Institutional Ranking Framework rankings.

'Apart from offering viable solutions to various government sectors, industry and to society, IIT Bombay pursues basic research leading to knowledge generation that lays the foundation for empowering India as a nation to be technologically confident and self-reliant,' the institute said.

/IANS