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IITs are 'institutions of national importance' established by Institutes of Technology Act, 1961. After India got its Independence, the world was changing. The leaders were able to envisage coming of ' Age of technology 'rather than capital. After Kharagpur became first IIT,different IITs were established that are scattered in different parts of country to maintain regional balance. IITs are internationally respected for the quality of their graduates and teaching. IITs receive comparatively higher grants than any other engineering colleges in India. They have advantage in terms of faculty-to-student ratio which is between 1:6 and 1:8. The autonomous nature of IITs gives them the freedom to create their own curricula and adapt rapidly to the changes in educational requirements, free from bureaucratic hurdles. The government has no direct control over internal policy decisions of IITs.