By passing the UGC authority which use to release funds for any development programe for educational institutions, but this time post union budget 2017, their seems to be change in this scheme. Now MHRD shall now directy release funds for creation of 10 world class institutions.

The University Grants Commission (UGC) is expected to approve the regulations for setting up of 20 world-class institutions. It is expected that at its meeting scheduled on February 22. In case, the regulation  titled UGC (Institutions of Eminence Deemed to be Universities) Regulation 2017 will be the first move in the direction of pruning the Commission’s authority.

 As per  The Indian Express report

The  funds meant for the 10 government institutions recognised under this programme will be released directly by the HRD Ministry and not through UGC.

Other Important Develpments:

1. The ministry has moved an Expenditure Finance Committee note seeking Rs 10,000 crore over five years to help 10 public educational institutions become ‘Institutions of Eminence’.
2. The proposed regulations aim at creating an enabling architecture for 10 public and 10 private institutions to emerge as world-class institutions since the country has little representation in the international ranking of educational institutions.
3. The target for the ‘Institutions for Eminence’ would be to break into the top 500 bracket in one internationally reputed ranking framework in 10 years and come up in the top 100 over time.
4. The financial support to each of the 10 public institutions has been hiked from Rs 500 crore to Rs 1,000 crore.
5. The ministry has brought down the collective net worth of the sponsoring society of the private institution of eminence to Rs 5,000 crore for greenfield institutions and Rs 3,000 for exiting private institutions with at least one member having net worth of Rs 1,000 crore.
6. It was originally proposed that a private institute must have a corpus of Rs 200 crore to be eligible to be declared a world-class institute. This has been brought down to Rs 60 crore.