Centre sanctions Rs 490-cr loan to IIT-M for research infra

Only two IITs in the country could get the loan from HEFA and IIT Madras has received the highest amount. The funds would be used to improve the research infrastructure in the institution, which is expected to help improve their standing at the global level. IIT-M sources said that the it receives funding from various sources including HEFA, and growth is reflected in all the avenues of funding.

HEFA is a joint venture of the Ministry of Human Resources Development (MHRD) and Canara Bank for financing the creation of capital assets in premier educational institutions in the country.

The Plan grant in any five-year period is based on the needs of the institute for capital expenditure, impacted by launching of new academic programmes, increased PhD enrolment and student strength.

The Non-plan grant for meeting recurring expenses is being given as an annual block grant atRs`2.5 lakh per studentenrolled.

The Plan grant of the IIT-M, which grew by nearly 100 percent in five years, goes primarily toward the creation of physical, electronic and other research infrastructure. The Non-Plan grant also grew by about 50 per cent.