The setting up of eight new Indian Institutes of Technology (IIT) will now cost an estimated Rs. 13,990 crore as against Rs. 6,080 crore, after the Cabinet approved the revised cost estimates on Wednesday.
The initial cost estimate was over a period of 11 years from 2008-09 till 2018-19 and an official statement said that the increase in expenditure was due to the escalation in time and cost overruns. The new IITs will come up in Bhubaneswar, Gandhinagar, Hyderabad, Indore, Jodhpur, Mandi, Patna and Ropar. The student strength at each IIT at the end of the project will be 2,360, the statement added. Further, the total student capacity in the eight IITs will be 12,880 by March 2019. Under Addendum X, the Ministry of Human Resource Development has approved an expenditure of Rs.33,176 crore for the period from April 1, 2016 till March 31, 2021 or the entire five-year period.