Prime Minister Narendra Modi on Saturday announced a financial aid of Rs 1,000 crore to the Indian Institute of Technology (IIT) Bombay.
Speaking at the convocation ceremony of IIT Bombay, the Prime Minister said, "The confidence I can see on your face confirms that we are moving in the right direction. IIT Bombay will get a financial aid of Rs 1000 crore. It was a large number of IIT students, who built the IT sector of India, brick by brick."
The Prime Minister stated that innovations and enterprise are going to be the foundation stone for making India a developed economy and further voiced his hope that a long-term sustainable technology-led economic growth is possible on this foundation.
Describing IITs as 'India's Instrument for Transformation', the Prime Minister said, "Innovation is the buzz-word of the 21st century. Any society, which does not innovate, will stagnate. India is emerging as a hub for start-ups which shows the thirst for innovation. We must make India the most attractive destination for innovation and enterprise."
Prime Minister Modi also appealed youth to innovate in India for the betterment or development of the society.
"My appeal to youngsters is - Innovate in India, Innovate for humanity, from mitigating climate change to ensuring better agricultural productivity, from cleaner energy to water conservation, from combating malnutrition to effective waste management," he said.
He also boosted the morale of the students present in the ceremony and said, "The nation is proud of the IITs and what IIT graduates have achieved. The success of IITs led to the creation of engineering colleges around the country. They were inspired by the IITs and this led to India becoming one of the world's largest pools of technical manpower."
The Prime Minister further said that the students in the IIT represent the diversity of India. "You have received what can be called the best that our education system has to offer. Students here represent the diversity of India. From different states, speaking different languages, from different backgrounds you merge here in pursuit of knowledge and learning," he added.
Concluding his speech, the Prime Minister said, "Let us affirm that the best ideas will come from Indian laboratories and from Indian students. The best ideas do not come in Government buildings or in fancy offices. They come in campuses like yours, in the minds of youngsters like you."
Prime Minister Modi also inaugurated the new building of the Department of Energy Science and Engineering and Centre for Environmental Science and Engineering at IIT Bombay.
Union Human Resource Development (HRD) Minister Prakash Javadekar, Maharashtra Governor Vidyasagar Rao and state Chief Minister Devendra Fadnavis were also present on the occasion.
PM Modi later inaugurated the new building of the Department of Energy Science and Engineering and Centre for Environmental Science and Engineering at IIT Bombay.