
BITS-Pilani gets $1 million donation from alumni for rural innovation centre
The Birla Institute of Technology and Science, Pilani (BITS Pilani) has received a donation of one million USD to establish Kakatiya Rural Innovation, Technology and Implementation (KRITI) Centre. The new centre is aimed at inspiring and enabling students and alumni to create meaningful social impact across India, a statement issued in this regard said.KRITI, meaning creation or work of significance in Sanskrit, will be a centre made possible by an endowment contribution of $1 million from BITS Pilani alumnus Raju Reddy and his wife Neerja Reddy. Both are accomplished change makers and deeply involved in rural development initiatives, the statement added.advertisementRaju Reddy is a visionary entrepreneur, angel investor, board member, and former Chairperson of BITSAA International. Phanindra Sama, former ceo and founder of redBus and an alumnus, is also helping shape the vision and strategy for the centre. He and Sarika, his wife will also join Raju & Neeraja as founding donors for the centre, it added.
KRITI will expand BITS Pilani's engagement in the social impact sphere, building upon the legacy of successful alumni-led initiatives such as Sattva, Nirmaan, Thinkerbell Labs, and Ashoka Changemakers. By harnessing the creativity, innovation, and entrepreneurial spirit of BITS students and alumni, the Centre will develop sustainable and scalable solutions to pressing rural and social challenges.'The establishment of KRITI marks a pivotal moment in BITS Pilani's journey,' stated Prof. Ramgopal Rao, Vice Chancellor, BITS Pilani.advertisement'It reinforces our unwavering commitment not only to academic excellence but also to nurturing socially responsible innovators who can transform the future of rural India. This Centre will serve as a vital launchpad for a new generation of change makers dedicated to building inclusive growth . We are profoundly grateful to Neeraja and Raju Reddy for their visionary support; their commitment is a powerful testament to their belief in the ability of BITS students and alumni to drive meaningful change,' the Vice-Chancellor added.The Centre's core objectives include cultivating value-based leadership for social transformation, supporting the incubation of high-impact ventures, creating robust pathways for engagement with non-profits, social enterprises, grassroots innovators, and fostering empathy, volunteerism, and responsible citizenship. KRITI also aims to cultivate a vibrant community of faculty and alumni who will collaboratively develop and implement technology driven solutions for rural development. Trending Reel

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Deccan Herald
6 hours ago
- Deccan Herald
Rupee dives 55 paise to close at 86.07 against US dollar
Brent crude, the global oil benchmark, rose sharply by 7.27 per cent to USD 74.40 per barrel in futures trade.


India Gazette
8 hours ago
- India Gazette
India's forex reserves just shy of record high after $5.2 billion jump last week
New Delhi [India], June 13 (ANI): India's foreign exchange reserves (forex) jumped USD 5.171 billion to USD 696.656 billion in the week ending June 6, official data released by the Reserve Bank of India showed on Friday. After the latest policy meet, RBI Governor Sanjay Malhotra said the foreign exchange kitty is sufficient to meet 11 months of the country's imports and about 96 per cent of external debt. With the weekly jump, the forex kitty is close to its all-time high of USD 704.89 billion in September 2024. The latest RBI data showed that India's foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at USD 587.687 billion. According to RBI data, the gold reserves currently amount to USD 85.888 billion. Central banks worldwide increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021, till recently. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. (ANI)


The Print
8 hours ago
- The Print
Gold futures bounce Rs 2,011 to breach Rs 1 lakh-mark; hit all time high
Later, it traded at Rs 1,00,145 per 10 grams, up Rs 1,753, or 1.78 per cent, with an open interest of 16,602 lots on the bourse. On the Multi Commodity Exchange (MCX), the most-traded August delivery contracts of the precious metal zoomed Rs 2,011, or 2.04 per cent, to hit a record high of Rs 1,00,403 per 10 grams in the morning trade. New Delhi, Jun 13 (PTI) Gold prices surged for the third consecutive session on Friday, bouncing Rs 2,011 to hit an all-time high of Rs 1,00,403 per 10 grams, as a weakening rupee and escalating tensions in the Middle East drove investors to the safe haven asset. Gold future prices had on April 22 surged Rs 2,048 to hit a fresh record high of Rs 1,00,000 per 10 grams. Subsequently, the October contract of the yellow metal jumped Rs 1,970, or 1.98 per cent, to hit a fresh peak of Rs 1,01,295 per 10 grams on the MCX. Analysts said the sharp rally in gold prices was primarily driven by a weaker rupee and heightened geopolitical tensions in the Middle East, which spurred safe-haven demand for the precious metal. On Friday, rupee declined 56 paise to 86.08 against the US dollar in the initial trade due to a spike in global oil prices and a firm dollar amid rising tensions in the Middle East following Israel's attack on Iran's nuclear sites. On the global front, gold futures rose USD 41.62 per ounce, or 1.22 per cent, to trade at USD 3,444.02 per ounce. 'Gold prices rallied sharply amid escalating Israel-Iran tensions, boosting safe-haven demand. In the morning session, the precious metal breached the USD 3,420 per ounce-mark and hit 6-week highs,' Rahul Kalantri, Vice-President of Commodities at Mehta Equities, said. Kalantri further said the rally in gold was further supported by the US producer price index (PPI) and core PPI data, which indicated cooling inflation in the US. The data reinforced investor expectations that the US Federal Reserve may begin easing its monetary policy stance in the coming months. PTI HG HG TRB TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.