These higher educational institutions are to be set up as a distinct category of the deemed universities and would be given greater academic, administrative and financial autonomy to enable them to earn the ‘world-class’ status in quality and standards.
“There is a felt need to create a distinct category of deemed-to-be universities called Institutions of Eminence Deemed-to-be Universities, which shall be regulated differently from other deemed-to-be universities so as to evolve into institutions of world class in a reasonable time period,” the University Grants Commission said, notifying the regulations in an official gazette.
According to the regulations, all public and private universities are eligible to apply for being declared as an Institution of Eminence, subject to the conditions stipulated under the scheme.
For this, the government will set up an empowered committee of experts, comprising three to five members, to be named by the appointments committee of the cabinet.
“The panel of names for the empowered committee of experts is being sent by UGC for clearance of the appointments committee,” an official source told DH.
Once the committee is constituted, UGC will invite applications from existing government and private higher educational institutions. Applications from private entities for the establishment of the Institution of Eminence as “greenfield ventures” will also be considered.
Under the scheme, the Centre will provide Rs 1,000 crore for a period of five years to each of the 10 higher institutions to be selected and declared as Government Educational Institutions of Eminence under the scheme.
However, the government will not provide any fund for the establishment of the proposed higher educational institutions in the private sector.
Existing private institutions can apply for their selection under the scheme if they have an initial corpus fund of Rs 60 crore, to be increased at an annual uniform rate to Rs 150 crore in 10 years.
They also need to have a “guaranteed pipeline” of Rs 500 crore, besides a “credible plan” for an additional fund of 500 crore.
This is the same for private entities to apply for the establishment of a brand new institution under the scheme, except that they will have to show a credible plan for the additional provision of Rs 1,000 crore, instead of Rs 500 crore, required in the case of existing private institutions.
“The source of funds should be known and should be available for scrutiny by competent authorities,” the regulations stipulate.