The government on Friday proposed an allocation of Rs 3,963.25 crore (Rs 39.63 billion) for the next fiscal, a 98 per cent increase compared to the previous year.
The increase from last fiscal's Rs 2001.85 crore (Rs 20.01 billion) is for setting up new premier institutes and upgradation of polytechnics. Funds have also been set aside for infrastructural maintenance.
The allocation for Indian Institutes of Technology (IITs) has nearly been doubled at Rs 1,545.65 crore (Rs 15.45 billion) as compared to Rs 825 crore (Rs 8.25 billion) last year.
The plan allocation also includes a provision of Rs 771 crore (Rs 7.71 billion) towards implementation of oversight committee recommendations for meeting requirements for enhanced number of students.
The government has also allocated a sum of Rs 50 crore (Rs 500 million) for setting of three new IITs and a sum for Rs 1 crore (Rs 10 million) for new National Institutes of Technology (NITs). The new IITs will come up in Andhra Pradesh, Bihar and Rajasthan; two IISERs at Bhopal and Thiruvananthapuram; two Schools of Planning and Architecture at Bhopal and Vijayawada.
The Indian Institute of Managements have also received higher allocation at Rs 115 crore (Rs 1.15 billion) as compared to last year's Rs 85.20 crore (Rs 852 million). There is a plan allocation of Rs 98 crore (Rs 980 million) inclusive of North-eastern Region allocation.
This allocation also includes provision of Rs 53 crore (Rs 530 million) for implementation of oversight committee recommendation for meeting the requirement for enhanced number of students.
For setting up new Indian Institutes of Management, the government has allocated a sum of Rs 8 crore (Rs 80 million). Giving a thrust to research work, the allocation for the Indian Institute of Science has also been increased to Rs 221 crore (Rs 2.21 million) from last year's Rs 126 crore (Rs 1.26 billion).