STEP BY STEP - Modi Govt Releases Funds for TISS After 5% Cut
Anubhuti Vishnoi
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New Delhi:
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The human resource development ministry has finally decided to release funds to the Tata Institute of Social Sciences and seven other deemed universities financially dependent on it after introducing a 5% cut that is meant to progressively reduce government funding to 50%.The eight varsities will also be asked to ensure compliance with 12B rules of the University Grants Commission Act of 2015-16. 12B rules deal with the fitness of a university or college to receive government funding. The UGC has been asked to bring about compliance of these deemed varsities with 12B rules this year and the HRD ministry will review the same after six months to decide further course of action. Officials in the HRD ministry confirmed funds have been released to TISS and other affected deemed varsities and they would reach them this week.T h e g ove r n ment provides about `500 crore to the eight fully funded deemed varsities as of now.
As reported by ET first, TISS has been in the grip of a financia crunch after the HRD ministry and UGC framed a new policy for fund ing deemed universities and chose to withhold funds. TISS had to ge bank loans in March and April and dip into reserves -essentially funds generated through consul tancy work -to pay salaries and keep the institute running.
In a meeting held on May 27, the HRD ministry in consultation with the UGC, decided that while funds would be released to al eight deemed varsities, a 5% cu will be effected. However, govern ment-controlled Lal Bahadur Shastri Rashtriya Sanskri Vi dyap e e t h i n N ew D e l h i Rashtriya Sanskrit Vidyapeeth Tirupati, and Gandhigram Rura Institute, Dindigul, will be ex empted from the 5% cut.
As reported by ET first, TISS has been in the grip of a financia crunch after the HRD ministry and UGC framed a new policy for fund ing deemed universities and chose to withhold funds. TISS had to ge bank loans in March and April and dip into reserves -essentially funds generated through consul tancy work -to pay salaries and keep the institute running.
In a meeting held on May 27, the HRD ministry in consultation with the UGC, decided that while funds would be released to al eight deemed varsities, a 5% cu will be effected. However, govern ment-controlled Lal Bahadur Shastri Rashtriya Sanskri Vi dyap e e t h i n N ew D e l h i Rashtriya Sanskrit Vidyapeeth Tirupati, and Gandhigram Rura Institute, Dindigul, will be ex empted from the 5% cut.
