The Delhi University, which was recently granted with the IoE (Institute of Eminence) status, will soon be launching an endowment fund to meet the requirements of the IoE. The ‘Endowment Fund of the University of Delhi’ as it is called, aims to raise Rs 1000 crore and has encouraged its alumni to invest for the sector of their choice, ranging from buildings to research funds.
Under the IoE status, government institutions will get Rs 1000 crore over a period of five years from the government. DU will Rs 1000 crore from the government and aims to raise an equivalent amount from its own efforts.
“To help our students and faculty attain academic excellence, the University would like to provide them with the necessary support, including the best and most modern research facilities and educational infrastructure,” states the circular signed by the vice-chancellor of DU, Yogesh Tyagi.
The circular further states that according to QS World University Ranking, DU is currently among top 500 universities globally and is aiming to be in top 100 over the next 10 years. However, as per the circular, the varsity is ‘lagging in building new institutions in the fields’. DU had proposed to open nine more institutes if granted IoE status, reports the Indian Express.
DU, elaborating on the perks for investing for the cause, said that the funds will be “100% tax exemption and has no restriction on the amount of contribution. The donor can choose the area in which his/her contribution should be utilized. The information on the utilization of funds will be displayed on the university website and 50 per cent of the funds earmarked for girl students. There also will be a compulsory audit of the endowment by the Controller and Auditor General (CAG) of India.”
What is IoE Status?
In the year 2017 the ministry of Human Resource Development announced the Institute of Eminence (IoE) project after Indian Institutes fared poorly in international rankings. Under the project The University Grants Commission has selected 20 institutions- 10 private and 10 government institutes as IoEs.
The IoEs are proposed to have greater autonomy compared to other higher education institutions. The IoEs will be free to decide their fee with a flexible course duration and structure.
Kalinga Institute of Industrial Technology is the only higher education institute from Odisha that has been granted the IoE tag.
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