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HRD Minister, Mr. Prakash Javadekar confirmed that the government has only granted a Letter of Intent to Jio Institute. He indicated that the government would not grant any funds or money to Jio Institute.
After facing severe criticism over its decision to grant ‘Institute of Eminence’ status to Jio Institute, HRD Minister Prakash Javadekar confirmed that the government has only granted a Letter of Intent (LoI) to Jio Institute.
While granting the LoI to Jio Institute, the government made the institute to agree to terms and conditions laid down by the government. In all, the government did not declare Jio Institute as Institute of Eminence, confirmed by Javadekar.
Also Read: HRD Ministry Likely to Grant IoE Status to Five More Institutes
Explaining further, Mr. Javadekar indicated that the government would not grant any funds or money to Jio Institute. The committee of experts recommended the name of Jio Institute only after thorough scrutiny. The committee recommended the ministry to issue only the Letter of Intent with certain conditions to Jio Institute instead of including the same in Institute of Eminence (IoE) scheme.
When asked about the inclusion of JNU and IIT Madras under IoE scheme, Mr. Javadekar replied that the government had carried out a scrutiny and the final decision will be taken soon.
Also Read: IIT Bombay Generates Highest Revenue in 2017-18: HRD Ministry
Recently, Reliance Foundation has submitted an application to the government projecting earnings of Rs. 100 crore from hostel and tuition fee paid by over 1,000 students in its first year of operation. As per the report, Jio Institute will offer Rs. 38 crore worth scholarships in the first year. The institute also submitted that it would offer the highest number of seats in specific disciplines. On the other hand, the operational expenditure of Jio Institute is expected to be Rs. 154 crore in the first year.
For the latest updates on Institute of Eminence and Jio Institute, stay tuned to CollegeDekho.
