Education ministry just got stricter with setting up world-class institutes
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Twenty world-class institutions will finally be set up by the The drafts regulations filed by the HRD ministry have come with strict conditions so that only serious parties in the private sector can apply. Any existing private university can apply and fresh proposals will also be taken into consideration.
However, the sponsoring organisation shall be 'not for profit' society or a public trust or company constituted under Section 8 of the Companies Act, 2013. The sponsoring organisation should have members whose total net worth is at least 8,000 crore, with at least one member having a net worth of 2,000 crore. The world class institution (they will have deemed university status) should have a corpus of at least 200 crore, , a guaranteed pipeline for another 500 crore and a credible plan that additional resources are available on demand, which should be no less than 1,000 crore. Source of funds should be known and open to scrutiny by competent authorities.
If a private university gets selected as a world class institution, the status of private university will be taken away by the state government and also once it receives the letter of Intent, it won’t get transferred. Even change in the composition of sponsoring organisation has to be done with the permission of the HRD ministry and empowered committee.
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The draft rules for the world class institutions said that they should be multi-disciplinary and have both teaching and research focus of an exceptionally high quality.
World class institutions, draft rules read that the institutes should be multi-disciplinary and have both teaching and research focus of an exceptionally high quality and have a good proportion of foreign or foreign-qualified faculty and a good mix of domestic and foreign students.
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