A committee set up to look into the financing pattern of the IITs has recommended a hike in the average annual fees from the present Rs 90,000 to around Rs 3 lakh. It also suggested that a Rs 2,000 crore fund be started to reduce these institutions' dependence on government. According to sources, in its report to the HRD ministry, the panel, which comprises several IIT Directors, has recommended that the Rs 2,000 crore fund be created as a Non-Banking Financial Company (NBFC) with participation from both the government as well as the private sector. As per the report finalised by the panel, Rs 1,000 crore for the formation of this NBFC could come from the government while the other half could be contributed by donors or be raised out of CSR funds of corporates. The recommendations in the report are such that the dependence on government funding should be reduced, which will help the autonomous character of these institutes, an official said. "The ministry will take a final view on the report in the coming days," sources said. Officials said that for the creation of a NBFC, the nod of the Union Cabinet may be needed. Earlier, in a meeting in October 2015, the IIT Council had constituted a Sub-Committee to examine the existing system of funding for the IITs and related issues, including of the students' fees.