The IITs are governed by the Institutes of Technology Act, 1961 which has declared them as "institutions of national importance", and lays down their powers, duties, framework for governance etc. The IITs receive comparatively higher grants than other engineering colleges in India.[22] While the total government funding to most other engineering colleges is around Rs. 100–200 million (USD 2–4 mill
ion) per year, the amount varies between Rs. 900–1,300 million (USD 18–26 million) per year for each IIT.[15] Other sources of funds include student fees and research funding from industry and contributions from the alumni. The faculty-to-student ratio in the IITs is between 1:6 and 1:8.[23] The Standing Committee of IIT Council (SCIC) prescribes the lower limit for faculty-to-student ratio as 1:9, applied department wise. The IITs subsidise undergraduate student fees by approximately 80% and provide scholarships to all Master of Technology students and Research Scholars in order to encourage students for higher studies, per the recommendations of the Thacker Committee (1959–1961).[24] The cost borne by undergraduate students is around Rs. 180,000 per annum. IITs IITs IITs IITs IITs
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