1. Panel on IIT finances recommends fee hike to around Rs 3 lakh from Rs 90,000

Panel on IIT finances recommends fee hike to around Rs 3 lakh from Rs 90,000

A committee set up to look into the financing pattern of the IITs has recommended a hike in the average annual fees from the present Rs 90,000 to around Rs 3 lakh.

By: | Updated: February 2, 2016 11:23 PM
iit bombay

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 of the students’ fees.

A committee set up to look into the financing pattern of the IITs has recommended a hike in the average annual fees from the present Rs 90,000 to around Rs 3 lakh.

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

According to sources, in its report to the HRD 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 of the students’ fees.

Tags: IIT
  1. R
    Raghavan
    Feb 3, 2016 at 12:00 am
    when these grads earn a lot after graduating and working abroad why should the government subsidise. If government grants taken should make mandatory to work in India for 3-5 years after graduating like in Singapore ! Otherwise pay full
    Reply
    1. S
      S
      Jul 18, 2016 at 2:19 am
      Instead of INTEREST FREE loan, Govt should provide give Guarantee for the loans, and only when the IITian is not able to earn sufficiently should Govt step in - otherwise most of the IIT ians earn crores of rupees - there is no point in funding such people from common man's tax money. Also the PATRON system has not picked in India so far- if the IIT themselves device SCHOLARSHIPS funded by past students for meeting loan commitments of IIT ians in case of need, it will be still better
      Reply

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