Budget allocation for IITs and NITs Increases this year
The IITs and NITs have been given
Rs 2113 crore, which includes 450 crore for new campuses. Finance
Minister Pranab Mukherjee's budget about higher education is with an
increase of Rs 2,000 crore in plan expenditure to Rs 9,596 crore.
Currently, there are 12 IITs and 20 NITs operating across the
country including the new ones.
Finance Minister Pranab Mukherjee
says while presenting the budget that Rs.2,113 crore (Rs.21.13
billion)has been allocated for IITs and NITs, which includes a
provision of Rs. 450 crore for new IITs and NITs. Also adds that the
demographic advantage in terms of large percentage of young
population needs to be converted into a dynamic economic advantage
by providing them the right education and skills. The provision for
the scheme Mission in Education through ICT has been substantially
increased to Rs.900 crore. The minister in his budget speech also
admits that the government would take forward its intent of having
one central university in each uncovered state and for this purpose
Rs.827 crore has been allocated (Rs.8.27 billion). Mukherjee has
also kept the promise of loans to students of weaker sections,
offering them full interest subsidy during the period of moratorium
for approved courses.
Similarly, the provision for
setting up and up-gradation of polytechnics under the skill
development mission has been increased to Rs.495 crore (Rs.4.95
billion). Officials at IITs felt most of the funds might go for
expanding facilities meant for OBC and other reserved students and
pointing out that most of the IITs had woefully inadequate
infrastructure and this money would help them speed up work.
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