Canara Bank to Mobilise Rs. 20,000 via Debt for the Development of IITs
- Speaking about the new IITs, Prakash Javadekar clarified that they will complete the construction of new IITs soon.
- Canara Bank will raise Rs. 20,000 crore in the form of debt. The fund will help IITs to develop research, infrastructural facilities, laboratories etc.
Commenting about Warren Buffet’s statement on Indian institutes of Technology, HRD Minister of India, Prakash Javadekar expressed that it was a proud moment to witness eminent people across the globe showing their trust in IITs and its capabilities. He expressed his happiness over the fact that IITs have been earning a good reputation across the world.
Quoting the words said by Mr. Bill Gates, Prakash Javadekar mentioned that when Bill Gates had been questioned on why he was recruiting more engineers, he responded that if he fails to recruit more engineers from India, they would start another Microsoft in Bangalore. It clearly reveals that Mr. Bill Gates has a great deal of trust in the capabilities of IITs and Indian engineers.
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Mr. Javadekar further explained that IITs have been playing a significant role by marinating quality in engineering education. Besides quality education, IITs are in great demand for its logical and mathematical abilities.
Giving details about the IIT Council meet that took place last week, Prakash Javadekar indicated that the council and the ministry have decided to strengthen the IITs through infusing more money. However, it is possible only through Higher Education Finance Agency or HEFA. The free flow of funds will allow IITs to create world-class laboratories and infrastructural facilities.
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Speaking about the new IITs, Prakash Javadekar clarified that they will complete the construction of new IITs as early as possible. These new IITs have already begun the academic courses, and there is a need to develop various facilities. The ministry will also take steps to invite international faculty. The aim of the ministry is to restrict Indian talent going abroad.
He further explained that Canara Bank is going to raise Rs. 20,000 crore in the form of debt and this amount will help in developing research, infrastructural facilities, laboratories and others.