The Ministry of Human Resource and development has asked IITs to come with a revenue model for their operations.This directive came into effect after IIT directors approached the ministry saying that last year 122% fee hike did no good to the institutions as a large number of concessions were announced by the government simultaneously.
The issue was also brought in the IIT council's last week meeting which was held in Mumbai. IIT council is the apex body for coordinating 23 IITs. Upon listening to the directors HRD ministry suggested all IITs to come up with a revenue model before any further decisions on the fee hike and concessions can be taken.
"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" said a senior official.
“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.
For now all IITs have been directed to submit in detail data on 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 said.
Tags: Iit
Indian Institue Of Technology
Iit Revenue Model
Iit Council
Hrd Ministry
