The Institute of Chemical Technology (ICT), located in Mumbai, is evaluating the possibility of relinquishing its 'deemed-to-be university' status due to a lack of financial support from Central Government schemes. This status, which was granted in 2008, allows for academic autonomy, including curriculum design and degree awarding. However, ICT officials claim that this autonomy has not resulted in any significant financial backing, limiting access to vital funding avenues. The institute is currently ineligible for several government schemes, such as the Pradhan Mantri Uchchatar Shiksha Abhiyan (PM-USHA), because of its deemed status. A formal proposal regarding this potential transition to a full-fledged technological university will be presented to the Board of Governors, which will assess the implications on ICT's academic independence. Despite the challenges, ICT retains 'Elite Status' and 'Centre of Excellence' recognition from the Maharashtra government, which may help maintain its academic integrity if the change occurs. If the transition is approved, ICT could gain access to additional funding opportunities from both Central and state governments, enhancing its financial stability and growth prospects.