The Indian Institute of Technology - Madras (IIT-Madras) has set its sights on incubating a minimum of 100 startups across diverse sectors in 2024. The IIT-Madras Incubation Cell (IITMIC) functions as the institute's overarching organization dedicated to fostering and aiding innovation and entrepreneurial endeavors. By the end of 2023, it concluded with a portfolio encompassing 351 deep tech startups, nurtured through its network of deep tech incubators. These startups collectively garnered a valuation of Rs 45,000 crore ($5.4 billion) based on the most recent investment secured from external investors.

IIT-Madras director V Kamakoti expressed that in 2024, the institute aims to introduce compelling initiatives and socially impactful projects beneficial for the nation. They aspire to conclude the current financial year (ending on March 31, 2024) with 366 patents, striving for an average of one patent per day. Additionally, they have plans to kickstart 100 startups during the year. Noteworthy technologies emerging from IIT Madras-incubated startups like Hyperloop, ePlane, Agnikul Cosmos, and Mindgrove Technologies have also been highlighted by the director.

The inauguration of IITM Zanzibar campus, marking the first-ever establishment of an IIT overseas, was a significant milestone in 2023, as per the director. Another pivotal development was the launch of the department of medical sciences and technology. The institute intends to establish a new school focusing on interdisciplinary science. Moreover, plans are underway to inaugurate a school dedicated to data science and artificial intelligence, which will serve as the prospective 18th department.

Throughout 2023, IIT-Madras hosted several notable events, including a G20 seminar on 'Role of Digital Technology in Education' at its Research Park in January. The seminar aimed to outline policies for leveraging digital technology effectively in education. Additionally, in October 2023, the institute introduced the School of Sustainability, offering interdisciplinary courses and serving as a platform for hosting events and showcasing sustainable technologies. Furthermore, a four-year online bachelor of science (BS) program in electronic systems was launched in March to cater to the increasing demand for skilled graduates in the electronics and embedded manufacturing sector.