The process of setting up of seven IIMs, 374 degree colleges and 10 NITs has been set inmotion with the Expenditure Finance Committee (EFC) approving the proposals in this regard.
The proposals approved by the EFC on Tuesday will now be sent to the Cabinet for approval, sources in HRD ministry said.
The government has decided to set up seven IIMs in the states of Tamil Nadu, Jammu and Kashmir, Jharkhand,Chhattishgarh, Uttarakhand, Rajasthan and Haryana.
The existing IIMs have already agreed to provide "all types of support" for setting up of new elite B-Schools in the country.
Similarly, the government would set up 374 degree colleges in educationally backward districts in the country. About 90 colleges would be set up in minority concentrated districts. Each college will cost Rs 8 crore (Rs 80 million) for establishment.
The UGC has already invited proposals from different states for setting up of the colleges. As per the proposal, the Centre will provide one time grant of Rs 2.7 crore (Rs 27 million) for the establishment of a college. The state government will bear the rest of the cost.
Similarly, the government would set up 10 NITs for theexpansion of technical education.