An increasing number of corporations, governments and research institutes are turning to India for research and development that delivers effective, high impact solutions to many of the leading research issues in the world today from climate change and renewable energy to clean water, advanced engineering and biotechnology. The Indian Institute of Technology, Bombay (IITB) and Monash University, A
ustralia have joined forces to create a unique Joint Venture (JV) research academy (“The Academy”) that aims at enhancing research collaborations between Australia and India. A high-power committee of Govt. of India recommended in 1946 establishment of four higher institutes of technology of the level of their counterparts in Europe and United States to set the direction for the development of technical education in the country. These institutes were designed to provide the necessary dynamism and flexibility of organization in the light of expanding knowledge and changing socio-economic requirements of modern society. Planning for the Institute at Bombay began in 1957 and the first batch of 100 students was admitted in 1958. The Institute campus at Powai extends over 200 hectares and is situated in picturesque surroundings with Vihar and Powai lakes on either sides and green hills strewn around. In 1961, by an act of Parliament, the Institute was declared an institution of national importance and was accorded the status of a university with power to award its own degrees and diplomas. Monash University was established as an Australian university by a Victorian Act of Parliament in 1958, making it the first university to be established in the State of Victoria for 106 years. Monash University is a not-for-profit organisation, whose financial accounts are audited annually by the Auditor General of the State of Victoria. Monash University is a charitable institution as endorsed by the Australian Tax Office. The Academy will be located in a purpose built, modern facility located at the Powaii campus of IIT Bombay. The Academy will operate as an independent, autonomous research institution. The Academy will have an independent Board, a CEO, research staff and seconded staff from IIT Bombay/Monash University in it. The Academy aims to attract the best talent - students as well as academic and research staff - to work on goal-directed, cross-disciplinary grand-challenges. The Academy has a long-term steady-state aspiration of housing 250-300 PhD scholars at any given point in time, pursuing various fields of scientific endeavour. The aim is for the research scholars to be supervised by the best minds from IIT Bombay, Monash University and Industry Partners of The Academy along with participation from Industry. The intention is for The Academy PhD and Post Doc scholars to be paid a healthy scholarship. This will form an attractive value proposition to talented students. Since The Academy is under-pinned by a PhD Agreement between IIT Bombay and Monash, students will receive a dual-badged PhD degree from IIT Bombay and Monash University, thereby providing another distinct value proposition that would help attract the best students into The Academy.
