The details provided by the institute in its application to the central government also have a mention of its projected earnings. It said that Rs 100 crore will be earned from nearly 1,000 students in its first year of operation
Amidst the hullabaloo over the Centre granting the Institute of Eminence (IoE) tag to Jio Institute along with IISc, IIT-Delhi and IIT-Bombay, the Nita Ambani-helmed Reliance Foundation has claimed that it would earn Rs 100 crore from students in its first year. The details provided by the institute in its application to the central government also have a mention of its projected earnings. It said that Rs 100 crore will be earned from nearly 1,000 students in its first year of operation, The Indian Express reported.
The Jio Institute will on an average earn Rs 6.2 lakh from each student, considering that it will waive Rs 38 crore as scholarships in the first year. Jio Institue is the only greenfield institution in the IoE institutions list and exists only on paper. Apart from Jio Institute, IISc, IIT-Delhi and IIT-Bombay, Birla Institute of Science and Technology (BITS) and Manipal Academy of Higher Education also feature in the list. Jio will only start admission process by 2021, the IE report says.
The Jio institute will be set up on the sprawling 800 acres in Karjat near Navi Mumbai. A staggering Rs 9500 crore has been enmarked by the Reliance Foundation for the institution’s funding.
As per the proposal, Jio Institute is set to offer 300 seats in the discipline of natural sciences, followed by 250 engineering and computer science, 200 in humanities, 125 in management and entrepreneurship, 90 in law, 60 in media and journalism, 50 in performing arts, 80 in sports sciences and 50 seats in urban planning and architecture.
As per the proposal, expenditure for the first year is estimated to be Rs 154 crore, of which Rs 93 crore will be spent on salaries and benefits meant for faculty and staff. It has claimed it will hire teachers from the top 500 global universities.
The student strength in the second year is estimated at 2,000 and the earnings from tuition and hostel fee, correspondingly, increase to Rs 208 crore. Of this, the Reliance Foundation has promised to waive Rs 76 crore for meritorious students. In its 15th year, Jio Institute has proposed it will have 10,000 students. The net revenue (after fee waivers) from students in the fifteenth year is expected to be Rs 1,502 crore.