Fee hike, fund of Rs 2,000 crore: Panel recommends changes in IITs' finances to reduce dependence on govt

New Delhi: A committee set up to look into the financing pattern of the Indian Institutes of Technology (IITs) has recommended a hike in the average annual fees from the present Rs 90,000 to around Rs three lakh.

It also suggested that a Rs 2,000 crore fund be started to reduce these institutions' dependence on government.

The Indian Institute of Technology in New Delhi. AFP

The Indian Institute of Technology in New Delhi. AFP

According to sources, in its report to the Human Resources Development 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 students' fees.

PTI


Updated Date: Feb 02, 2016 22:16 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See