India Allocates Rs 150 Crore for New IIMs, IIITs

Indian Finance Minister Pranab Mukherkee allocated Rs 150 crore on March 16, 2012 for setting up new Indian Institutes of Management (IIM) and Indian Institutes of Information Technology (IIIT).

"The budget includes a provision of Rs 150 crore for setting up of new IIMs, Rs 25 crore for setting up of new IIITs," the finance minister said.

Increasing the spending on the Sarva Shiksha Abhiyan (SSA) program aimed at universalizing of elementary education, the spending on education was increased by 17.6 percent.

"I propose an allocation of Rs 48,781 crore for budget on education, with an increase of 17.6 percent over the current year," Mukherjee said while presenting the budget for 2012-13 in parliament.

The University Grants Commission has been allocated Rs 6,362.15 crore, which includes the funds for central and deemed universities across the country.