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Ronnie Screwvala, Co-founder of UpGrad, an online education start-up, has introduced a scholarship fund worth Rs. 100 crore. This fund will be utilised to provide loans to students who want to take up online courses in order to enhance their skill sets.
The scholarships provided with the help of this fund will range from Rs. 25,000 to Rs. 2 lakh. The aim of these scholarships is to encourage students to opt for post-graduation and skill development programmes.
Talking about the scholarship fund, Screwvala said that India needs 125 million students enrolled for post-graduation studies but currently, less than 30 million students are pursuing post-graduation courses.
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As most of the students are more interested in working and starting earning early, online learning is the best way to engage students in post-graduation studies and skill enhancement, Screwvala added.
The scholarship fund has been introduced for skill motivated individuals in relevant domains of the industry. Screwvala also said that the scholarships are designed to equip aspirants with industry-relevant knowledge.
The initial amount of the fund is Rs. 100 crore. After a duration of 3 to 4 years, this amount will be raised to Rs. 400 crore to increase the student outreach.
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Rs. 10 crore has been invested by Mr. Screwvala himself for the scholarship fund. The remaining amount of the fund will be raised with the help of individuals willing to contribute to the cause and corporates committed to development through education.
