Kolkata, Jul 24 (IANS): The IIT Kharagpur (IIT KGP) is instituting several new student awards and scholarships from the semester beginning this month as alumni and corporate partners have come forward to support undergraduate students on merit basis towards their academics and research, a statement said on Tuesday.

"We have observed that the lower cut off for economic background of students for existing scholarships and awards are at such a threshold that students falling in marginally higher category do not qualify for those benefits while considering the cost of living, they too need some sort of financial support" said Subrata Chattopadhyay, Dean, Alumni Affairs at IIT Kharagpur.

He also said the threshold of the current family income upto Rs 10 and Rs 15 lakh per year has been "increased purposely" to accommodate more students for these scholarships.

The institute is working with departments and alumni to raise more funds for supporting students' initiatives, the statement said.

"It will also be funding research at undergraduate level from its endowment fund built out of alumni donations over the years," it added.