Cabinet clears increased grant for IITs

New Delhi, Mar 27 (UNI) The seven IITs and IISc, Bangalore now have more money for their development with the Union Cabinet today clearing a proposal to increase their block grant from 2007-08 over and above the level approved by the Cabinet in 2005.

A sum of Rs 73.00 crore of the enhanced grant will be released this year and the balance Rs 72.5 crore next year along with the block grant for financial year 2008-09.

The Cabinet also approved undertaking of a comprehensive exercise, ahead of time to revise the block grant scheme in a rational manner.

The decision will help in restoring the financial health of IIT and IISc Bangalore.

UNI NAZ VD HS1421