Block Grant for the 7 IIMs and IITs: Today, the Union Cabinet approved to increase the Block Grant for the seven Indian Institutes of Technology (IITs) and Indian Institute of Science (IISc) in Bangalore, from the year 2007-08 over and above the level approved by the Cabinet on May 16,2005, by an ad hoc amount.
Of the increased amount Rs. .73 billion will be released during the year 2007-08. The balance increase of Rs .72 billion due for 2007-08 will be released in 2008-09 along with the ad hoc Block Grant for financial year 2008-09.
The Cabinet also gave its approval for undertaking of comprehensive exercise, ahead of time to revise the Block Grant scheme in a rational manner.
The decision will help in restoring the financial health of IITs and IISc in Bangalore. They have also proposed to start new IIMs and IITs.
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