Cabinet approval for grant scheme proposal for IITs and IISc-Bangalore

The Central Government has approved a block “grant scheme” proposal for financing the non-planned expenditure incurred by the Indian Institutes of Technology (IITs) and Indian Institute of Science-Bangalore (IISc-Bangalore), during the fiscal years of 2012-13 to 2016-17, as per an announcement made on Thursday, August 8, 2013. This measure is expected to boost the financial condition of these institutes.
As per the newly cleared government policy, the amount for non-planned grants for the IITs will be calculated on the basis of total number of students.
Going forward, expenses incurred on Scholarships or fellowships will be categorized under “planned activity” which will be financed through various plan funds.
The Block Grant Scheme will be responsible for providing equivalent grants from the government to correspond with the savings that institutes make from the revenue expenditure.
The block grant for the IITs and IISc-Bangalore for the years 2012-13 has been assessed to be about Rs 1562.69 crore, on the basis of the student strength of these institutes during the same years.
As per a government statement, the move will establish fiscal discipline in the 8 IITs as well as IIS-Bangalore, boosting their overall financial condition. It will also motivate the institutes to generate additional resources. This will go a long way in enabling these institutes to gain more autonomy in functional and financial areas in the future, the statement added.

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