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The University Grants Commission or UGC, according to its existing powers, is authorised to release funds for any development programme undertaken in the field of higher education. However, since the announcement of Union Budget 2017-18, it was indicated that the powers of UGC will be revised and a certain amount of restructuring will take place in their functionalities and performance areas. If that happens, there is a probability that the Human Resource Development ministry or HRD will directly release funds for the proposed world class institutions instead of UGC.
The regulations to set up these world class institutes is expected to be approved at a meeting scheduled for 22nd February 2017.
Also read: MHRD to Reveal NIRF Ranking 2017 of Indian Universities on April 3
Earlier, the HRD ministry moved an Expenditure Finance Committee note that sought Rs. 1,000 crore in five years to help a total of 10 educational institutes to become ‘Institutions of Eminence’. It will release funds directly for the same if recommendations are received from the Integrated Finance Division. These institutions will be set up in order to cater to the importance of receiving good international ranking representations and will further be created under a separate category of deemed universities.
Moreover, these world-class institutes will have a higher degree of autonomy as compared to the other higher education institutes. This necessarily indicates that the fee structure for international as well as domestic candidates will be flexible in nature. Secondly, if these institutes enter into academic collaborations with other foreign universities, they will be exempted from getting approvals from the UGC or the government.
Also read: MHRD to Release Single Ranking List for Medical, Law, Technical Institutes
The primary target of these ‘Institutes of Eminence’ will be to venture into the top 500 institutes in any of the international ranking frameworks with a good reputation in 10 years at first, and then make a mark in the top 100.
