This is from a news report on how education at an IIT is subsidized to the tune of about 75%, even after a recent fee hike from Rs. 50,000 to 90,000. This factoid is also mixed up in a larger story about "financial autonomy" of of the IITs.
The student-faculty ratio in the IITs is about 16.5, according to Mr. Shashi Tharoor, the junior minister for HRD.
The teaching-related expenditure at IITs, then, is something like Rs.55 lakhs per faculty.
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In related news, MHRD has " advised India’s central universities to increase tuition fees across all streams ..."