This question has already been aptly answered but I’d like to add some points:
IIT(ISM) Dhanbad has always received a huge grant from the Government, as an independent one of it’s kind institute, this grant was way more than what IITs received.
Though it seems weird, after conversion into an IIT, it’s grant has actually diminished, however according to this year’s budget, it has been allotted ₹210 crores, which is higher than all the other IITs, even new ones, which should have the highest allocation.
I’m sure you’d agree money plays an important part in a college’s progress as it is important for building infrastructure. With it’s huge industrial collaboration, the Institute earns roughly from ₹40 crores to ₹50 crores per year, that you’d see brings the college’s annual income to about ₹260 crores excluding fees paid by students. Coal India Limited has special interests in the college as you’d imagine and thus invests some unknown hefty amount into the college as returns are very high. It is one of the world’s best in Mining.
Now, India’s education budget this year was around ₹79000 crores,