The Indian Institute of Technology, Bombay was established in the year 1958. It was second IIT to be set up in the country after IIT Kharagpur. It was declared as the Institute of National Importance by the Government of India in the year 1961. Also, IIT Bombay was the first institute in India to be set up with foreign assistance. As per the MHRD's NIRF 2018 ranking, the institute has been ranked at No. 5 in the top management institutes in the country along with being the 2nd best engineering college in the country.