NIFT to get funding on lines of IITs, IIMs

New Delhi, Nov 8: The block grant scheme of funding will be introduced in NIFT from 2007-08 on the lines of that prevalent in IITs and IIMs, to provide financial autonomy to the fashion institute.

The base year for the scheme will be 2006-07 and the scheme will come into effect from 2007-08, Finance Minister P Chidambaram told reporters after the Cabinet meeting that took the decision.

This will provide further functional and financial autonomy to the institute and will encourage it to generate more internal resources, promote innovation and result in an overall improvement in the standard of education and research, he said.

UNI