September 29, 2011

IITians contribute half-a trillion USD to the Economy

Specially for those who think that IITians don't giveback to the country or that we IITians just go to abroad & make money there. Please read this & you'll know, 7 out of 10 IITians live & work in India! (in simple terms, that is 70%)

The Article :

Every one rupee invested in an IIT has had an economic impact of Rs 15 and each IIT graduate created 100 new jobs, says a study commissioned by PanIIT, an umbrella organisation of IIT alumni from the 7 IITs. (Correction : There used to be time when there were just 7 IITs, nowadays, I am sure there is an IIT somewhere in your neighbourhood)
Raging debates over the contribution made by the IITians on whom the government has invested millions of rupees over the past over five decades could well be settled if the findings of the study by PanIIT are any indication.

The interim report of the IIT Alumni Impact Study 2008 says nearly 200,000 alumni of the country's premier technical institutions "have been associated with Rs. 20 lakh crore (half a trillion USD) of incremental economic value creation'' across industry, government and entrepreneurial activity over the past five decades.

The IITians have also been involved in the creation of 20 million new jobs, which roughly translates into one IITian creating 100 jobs, says the study.

Zinnov Management Consulting, a private consultancy firm, which undertook the survey, arrived at this estimation by extrapolating the figures submitted by 4,573 alumni who have till date participated in the web-based survey, according to Rajan Srikanth, the coordinator for the IIT Alumni Impact Study.

"Assuming that the government has invested between Rs 20,000 crore and 40,000 crore into the IITs during the last 58 years, based on the findings of this survey we could say that every one rupee invested in the IIT has led to an economic impact of Rs 15,'' argued B Santhanam, chairman PanIIT 2008 and managing director, Saint Gobain. PanIIT is the umbrella organization of the seven IIT alumni foundations.

The study was launched to take stock of contributions made by the IITians across professions and geographies since the first batch graduated out of IIT Kharagpur in 1956.

"The initial analysis reveals that among the IITians who had graduated before 2001, four out of 10 are in top leadership roles in corporations, educational institutions, research labs, NGOs, governmental agencies, politics and as entrepreneurial heads. Seven out of 10 are currently based in India with two out of 10 being returnees after careers abroad,'' said Santhanam. The IITians in senior positions in the industry and government across the world have an annual budgetary responsibility of over Rs 40 lac crore (about 800 Billion USD).

Another fact that has emerged, according to Zinnov CEO Pari Natarajan, is that 54% of the top 500 Indian companies currently have at least one IIT alumnus on their board of directors. "These companies have cumulative revenue that is 10 times greater than that of the other companies on the list,'' he said.

The complete report documenting the details of the survey findings will be unveiled during the PanIIT conference to be held at the IIT Madras from December 19 to 21.

News courtesy : Times of India :

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