Conducting cutting-edge research for societal impact is an integral component of the faculty’s association with IIT Bombay. Our faculty require world-class laboratories and a thriving academic ambiance that can nurture their research work. Alongside, IITB’s faculty and researchers also need to strengthen their global visibility as well as collaborations with industry and corporates. To meet this requirement on an ongoing basis, the Institute has established a Faculty Development Fund in 2001, through generous support from its alumni. This initiative has played an important role in our faculty’s growth and recognition.

The Retired Faculty Wellness Fund (RFWF) is a supplementary medical insurance program initiated by the Class of 1984 as ‘GURUDAKSHINA’ for their teachers who retired prior to 2004. The genesis of the program came from a lack of regular medical coverage for IITB faculty who retired before 2003.The RFWF provides supplementary medical insurance from ICICI Lombard to all retired faculty members (and their spouses). This is a family floater plan for a ‘closed group’ consisting of retired professors, spouses, and spouses of deceased professors. No new faculty members are admitted to this group. The annual premium for this closed group policy is paid out of the Retired Faculty Wellness corpus.

As IIT Bombay experiences rapid growth, it faces significant challenges in attracting global talent interested in academic careers in India. With other institutions in India and abroad expanding their offerings, there is an urgent need to attract and incentivize skilled professionals.

The Young Faculty Fellowship (YFF) wields a substantial and long-lasting impact on IIT Bombay’s faculty profile. It plays a pivotal role in offering competitive packages and cultivating an environment that appeals to top-tier faculty. Originally instituted in 2007 as Young Faculty Award (YFA), YFF is an integral part of IIT Bombay’s ‘tryst with excellence.’

The initiative bridges the financial gap between industry and academia, making IIT Bombay a more attractive option for promising young faculty, and ultimately solidifying their commitment to academia. Moreover, the Fellowship provides vital financial support, which can be an attractive incentive for young faculty candidates considering their options in multiple institutions.

It serves as a valuable tool to assist the Institute in attracting, recruiting, and retaining the brightest young minds from across the globe to join IIT Bombay’s prestigious faculty body.

It is a legacy project of the Class of 1982 and was designed to attract and nurture top-tier young faculty members to IIT Bombay. YFF has been awarded to competitive young faculty members since 2010. The classes of ’78, ‘79, ‘81, ‘83, ’84, ’85, ‘88,’89, ’90, ’92,’93,’94,’95,’96,’97, ‘98 and ‘99 have also joined this project.

YFF provides a joining bonus of Rs. 3 lakhs, along with an additional Rs. 3 lakhs annually for three years to every new faculty hire at IIT Bombay.

YFF stands as one of the most successful alumni-funded projects at IIT Bombay, bolstered by individual donations, other batch legacy initiatives, and corporate support.

Your generous contributions will enable IIT Bombay to attract the best academic minds to its campus, which will facilitate our mission to contribute to nation-building by pursuing path-breaking research and developing technological innovations.

Alumni can create an endowed chair or professorship for exceptional scholars and researchers. The Chair Professorship is a distinguished academic position that recognises the outstanding teaching/research work and achievements of the permanent faculty members of the Institute. The position also seeks to attract exceptional academicians to join the Institute as visiting faculty and add to the overall educational journeys of students at the Institute.
Each Chair is supported by an endowment created from a donation made to the Institute. The establishment of new Chair Professorships is essential if IIT Bombay is to attract and retain high-quality research faculty. This is integral to the Institute enhancing its position as a leading global technology institute. Interest from the endowment is used to meet the expenses of the Chair which include an honorarium and contingency expenses. The salary of the Chair Professor and all other benefits (housing, medical, etc.) continue be allocated from Institute funds.