NEW DELHI: The Indian Institute of Technology (IIT) Bombay has received Rs 95 crore, the largest donation in its history, to set up a centre to develop hi-tech products and solutions for consumers and industry that lie at the bottom of the economic pyramid.
On the lines of the Tata Center for Technology and Design at the Massachusetts Institute of Technology (MIT), US, the Tata group has granted Rs 95 crore to IIT-Bombay for a period of five years to develop design and engineering principles suited to the needs of people and communities with limited resources. An MoU has been signed by both the parties, and the centre at IIT-Bombay, also called Tata Center for Technology and Design (TCTD), has started functioning from July.
On August 20 and 21, fellows from MIT and IIT-Bombay will come together for a brainstorming session under the aegis of the centre.
The focus of the centre would be to develop technology-driven solutions appropriate for the bottom sections of the consumer and business base, with a special focus on India, and development of human resources trained in identification of unmet technological needs, their solutions, and their placement in the market.