The Cabinet Committee on Economic Affairs has approved the collaboration project of Indian Institute of Technology, Hyderabad (IITH) under the Official Development Assistance (ODA) loan by Government of Japan and grants by Ministry of Human Resource Development (MHRD), Government of India.
The project costing Rs. 1776.50 crore will be financed out of the ODA loan of Rs. 1501.72 crore from the Government of Japan. The balance of Rs. 274.77 crore represent 15.5% non-eligible portion of the project as the Indian portion to be met from grants by MHRD over a period of four years starting from 2013-14 to 2016-17.
The project would create value addition through collaborative interactions with academics and the industry of Japan and exchange of students and faculty. This will enhance cooperation between the two nations in the area of science & technology and human resource development. For the Indian side, the project would also help in creation of a number of basic infrastructure facilities and faster scaling up of a quality institution viz. IIT, Hyderabad with benefits for the Indian economy.
The IIT, Hyderabad is one of the eight new IITs established by the GOI in 2008 at an estimated cost of Rs.760 crore based on the Cabinet™s approval in July, 2008. The IIT, Hyderabad and Japan collaboration is an externally aided central sector project emanating from the broader Indo-Japan Collaboration and agreement between the Prime Ministers of India and Japan for a Japanese loan to fund the specific projects of IIT, Hyderabad.