University Of Delhi has been permitted the status of “Institution of Eminence”, under which the varsity is enabled to receive an additional financial aid worth Rs 1000 crore from the government, over the course of the next five years.
“This position will allow the University to take new academic measures, including developing new institutions in the fields where we’re lagging behind”, said DU VC Yogesh Tyagi, in a letter to alumni.
To match the government’s grant with the university’s own initiative of raising Rs 1,000 crore, DU will launch ‘The Endowment Fund of the University of Delhi’, he further added.
As the salient facets of this endowment, Tyagi listed 100 per cent tax exemption; no restriction on the amount of contribution; 50 per cent funds designated for female students; and the information relating to the utilisation of funds exhibited on the university website.
“Alumni, their family members, friends, and relatives are welcome to contribute. Donor’s choice to select the area in which his/her contribution should be utilised,” he said. He further added that there will be a compulsory audit of the endowment by the Controller and Auditor General.
The said status and endowment, as per the VC, will provide ample possibilities and provisions to boost the quality of teaching and research, and to engage talent from outside the university. “We are delighted that the University of Delhi is the only Indian university among the top 500 universities in the QS World University Rankings. We aim to reach the top 100 in 10 years,” he further added.