Fund to channelise contributions to Education sector

Central Government is planning to set up a fund - Bharath Shiksh a Kosh to channelise contributions from sources abroad ( Mostly NRI's) to Indian institutes and universities. The decision was taken in a Cabinet meeting chaired by the Prime Minister.

The proposal came in the wake of pumping of money to help different IITs and universities by many IT companies during the tech-boom, and the sharp intake of Indian students by foreign universities. Scientific Advisory Committee to the Cabinet discussed the issue and given a green signal.

The fund will start its functioning with a grant of Rs 1 crore out of plan allocation for the Department of Education in the HRD ministry, and it will accept contributions from private associations and NRIs. A registered society will be appointed to manage the fund. The fund is sought to offer cent per cent tax exemption to the contributions.

According to the ministry the fund will control the intervention by foreign universities and private bodies in the Indian Educational System and it will regulate and coordinate efforts made by NRIs to set up technical institutions in India.