The Ministry of Human Resource Development (MHRD) has directed Indian Institutes of Technology (IITs) to come up with a revenue model for their operations.
Recently, directors of various IITs approached the ministry, saying the 122 per cent fee hike was of ‘no good’ revenue-wise as lot of concessions were announced simultaneously. The same was also discussed during the meeting of the IIT Council took place in Mumbai last week.
However, the ministry suggested the institutes to figure out a revenue model before any further discussion on fee hikes and concessions.
“Institutes had complained that they were not making any revenue despite multiple grants from the Ministry. It is important to have a revenue model to increase the component of self-sustenance in the functioning of IITs,” a senior official said.
“Right now what we are deciding is based on perceptions. The Minister proposed during the meeting that there is need for real data to show how things need to change. There is no revenue model, the IITs take money but have no idea how much money they will have next year, the policies keep changing,” he added.
The premier IITs are also asked to submit data of the fees charged, revenue collected, expenditure, fee concessions and loans.
“They have also been asked to submit their analysis of the data and draft of a revenue model which has suggestions on various factors including what kind of loan system needs to be built, who will pay the interest, what will be the interest component, for what time the loan should be interest-free and what should be the recovery options,” the official added.
There was also a proposal for replacing the fee waiver with reimbursement by either the HRD Ministry or the Ministry of Social Justice and Empowerment.
It has also been recommended by IITs that students from the economically backward sections should be given interest- free loans instead of full or partial waiver.
DigitalLEARNING, is an initiative of Elets Techomedia Pvt Ltd existing since 2003. Now, Elets' YouTube channel -- Elets tv, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active.
To Subscribe Free, Click Here
Like us on Facebook, connect with us on LinkedIn and follow us on Twitter.