joint project which aims at value addition
for the newly-created IIT at Hyderabad has
been approved by the Government along with
an academic and industry interface between
the institute and Japan.
The Cabinet Committee on Economic Affairs,
which met here yesterday, approved the
‘collaboration of IIT Hyderabad, and Japan’, to
be executed via an Official Development
Assistance (ODA) loan from the Japanese
Government and the Union HRD Ministry.
The project cost of Rs 1,776.50 crore will be
met through the ODA loan of Rs 1,501.72
crore while the balance of Rs 274.77 crore
will be borne by grants from the HRD Ministry
over a period of four years between 2013-14
and 2016-17.
“The project would add value through
collaborative interactions between academics
and with the industry of Japan and (by)
exchange of students and faculty.
“This will enhance cooperation between the
two nations in the area of science and
technology and human resource
development,” said a statement from the
Government today.
For the Indian side, the project would also
help in the creation of a number of basic
infrastructure facilities and faster scaling up
of the said IIT with benefits for the Indian
economy, it added.
IIT Hyderabad is one of the eight new IITs
established by the Government in 2008.
The collaboration is an externally-aided
central sector project resulting from the
broader Indo-Japan Collaboration and an
agreement between the Indian Prime Minister
and Japan for a Japanese loan to fund specific
IIT Hyderabad projects.
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