CHENNAI: The first IIT alumni impact study has outlined the contribution made by IITians for economic value addition, job creation and managing huge budgets over the past 50 years in India and abroad. Contrary to common perception that IITians take more than they give to the society, the study highlighted the economic impact created by them in terms of wealth creation, social transformation.

The impact study looked at how to enhance the contribution made by IITians, on an individual and collective basis. The study pointed that over the past 50 years, IIT alumni was involved in the creation of two crore jobs. They hold senior positions across industries and governments with budgetary responsibility for over Rs 40 lakh crore ($885 bn). They are associated with incremental economic value creation of Rs 20 lakh crore ($450 bn).

The study, conducted by PanIIT, an organisation of all the seven IITs, in partnership with the India Brand Equity Fund (IBEF) and Zinnov Management Consulting, was a part of the PanIIT 2008 event, the first IIT alumni global conference, which will be held at IIT-Madras between December 19 and 21.

Over 3,000 IIT alumni and 200 delegates would converge for the big event, which will discuss solutions in areas such as renewable energy, education and infrastructure. PanIIT is an umbrella organisation of the seven IITs in India. ���The question often asked is if the government is spending money on the elitist institution.

But this is needed to create leadership. The new IITs, which are going to be created in India, are important in this respect,��� said B Santhanam, chairman of PanIIT 2008 and managing director of SaintGobain Glass India.

IITians also referred to the ET500 list, wherein, 54% of the top 500 Indian companies currently have at least one IIT alumnus on their boards and these companies have a cumulative revenue that is 10 times higher than other companies on the list.

Over 50% of IITians work in India and a major chunk of them came back post liberalisation-era. Because, traditionally, the IITs have been accused of stoking brain drain, using up government funds in the process.

Rajan Srikanth, CMD of S2k2 advisory, said that a soon-to-be-launched venture capital company based in Chennai said it had mapped the impact of IITians on the global economy across areas like entrepreneurship, science and technology,

research, education, professional management, industry leadership etc.

���Each IITian has created 100 jobs. This is mind-boggling,��� he said. Santhanam said, contrary to the feeling that IITians caused brain drain, every Rs 1 invested on an IITian has created an economic impact of Rs 50 at the global level. Of this, India���s share will be Rs 25.��� he added.

���One in 10 IIT alumni have started their own companies, with over 40% of them being serial entrepreneurs. Two-thirds of the companies founded are in India. In the last 15-20 years, most of them have preferred to start up in India,��� said Zinnov Management Consulting co-founder and CEO Pari Natarajan.

Of IIT alumni, who graduated prior to 2001, four out of 10 are in top-leadership roles in corporations, educational institutions, research labs, NGOs , government agencies, politics and as entrepreneurial heads of their own companies.