IIT Bombay’s Mood Indigo is one of the country’s most popular college festivals. Representation pic
IIT Bombay’s Mood Indigo is one of the country’s most popular college festivals. Representation pic

Mood Indigo, IIT Bombay’s annual cultural festival and one of the country’s most prominent college fests, has also taken a hit due to the ongoing demonetisation drive. The festival’s budget has gone down by 25 per cent as sponsors have said they will give 50 per cent of the promised amount now and the rest, after a couple of months.

Students handling the four-day fest — which will be held from December 23 to 26 — are struggling with the lack of budget and fewer participants from campuses throughout the country, as the students are avoiding paying Rs 400 to Rs 600 in cash for the participation forms. Around six of the 25 sponsors have said they’d have to delay the rest of the payment for the festival.

“Every year, our budget goes up to Rs 20 lakh but this year, it is just Rs 15 lakh, which may reduce further. Due to the demonetisation, around six companies sponsoring our fest are providing 50 per cent of the promised amount before the fest and 50 per cent after the fest. The demonetisation has also hit our number of participants. Although we have approached everyone to opt for Internet banking to pay for participation forms, the number of participants has dropped by 30 per cent,” said a member of Mood Indigo management team.

“This year we have mostly picked up online payments in the college festival, but there are some payments that we have to make through cash. For those, whenever our students get time they keep withdrawing cash from the bank,” said Falguni Banerjee, PRO of IIT Bombay, Powai.