IIT Kanpur to allot ₹50,000 a month to 3 select aspiring entrepreneurs in the power sector

IIT Kanpur will be handing out ₹50,000 a month, to anyone with any bright idea on how to put a cap on electric faults. Along with this, IIT-K will also help the individuals to build their company and will also provide a market for the finished product. This venture will give flight to the dreams of aspiring entrepreneurs, who are looking to develop a career in the power sector.

IIT Kanpur to select 3 ideas out of the entries

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The recurring issues of power faults and line loss are a major hindrance in the process of development in many big states of the country and keeping this in sight, IIT Kanpur now wants to bring about a change in the pattern. IIT-K will be partnering with the Power Finance Corporation for this initiative. The institution will allot ₹50,000 a month a month for one year, to those who have a viable idea or a plan regarding how to stop electric fault, line loss and to make cheap equipment used in power and the power sector.

The 3 chosen aspirants will be backed by the experts of the institute, who will cooperate in carrying out the work and the functions by giving scientific ideas and putting in their expertise into it, which would include opinions pertaining to training and the products. The Electrical Engineering Department has been granted this responsibility, by the institute.

The Director of IIT, Prof. Abhay Karandikar has mentioned that this venture will outline and promote the idea of Make in India, in its true spirit. Up till now, a lot of equipment in the power sector was being imported from China and other countries. This includes relays, transformers and so on.