Budget 2024: AICTE chairman lauds Rs 1 lakh crore corpus for R&D with 50-year interest-free loan
Anu Parthiban | February 2, 2024 | 03:09 PM IST | 1 min read
Education Budget 2024: The corpus investment in the IT industry will help address the Al skill crunch and bridge the gap effectively, AICTE said.
NEW DELHI: All India Council for Technical Education (AICTE) chairman TG Sitharam welcomed the Interim Budget 2024 announced by Union finance minister Nirmala Sitharaman and said that the Rs 1 lakh crore corpus for research and development will encourage youth in expediting and expand scope for research and start-ups.
According to the interim budget 2024 announcement made on February 1, AICTE has been allocated Rs 400 crore as against Rs 420 crore in the 2023-24 financial year.
Lauding the announcement for establishing a corpus of Rs 1 lakh crore with 50-year interest-free loan, Sitharam said: "This will exponentially scale up the research, innovation and entrepreneurship landscape and help in establishing India as a global hub of research, innovation and start-ups.”
He said that the low or nil interest loans will certainly mark an exponential boom in the trajectory of the technology driven organisations. The move will also boost industry-academia collaboration.
Also read Education Budget 2024: Higher ed sees Rs 9,600 crore cut from RE; UGC funds halved
“AICTE is harnessing and encouraging Research and Innovation Culture through organising hackathons like Smart India Hackathon, conducting Institution's Innovation Council (IIC) regional meets, organizing Innovation, Design and Entrepreneurship (IDE) Bootcamps etc. Moreover, to foster innovation and entrepreneurship in the education sector AICTE launched 'Ministry of Education - AICTE Investor Network', a platform which aims to provide crucial financial support, mentoring, and strategic guidance to early-stage student or faculty-led start-ups,” he added.
Further, he said that the corpus investment in the IT industry will help address the Al skill crunch and bridge the gap effectively.
Follow us for the latest education news on colleges and universities, admission, courses, exams, research, education policies, study abroad and more..
To get in touch, write to us at news@careers360.com.
Quick Watch
]Next Story
]Featured News
]- Karnataka's draft teacher transfer rules propose compulsory 9-year tenures in KPS, other flagship schools
- UGC helpline for reporting sexual harassment defunct from the start but listed on Saksham portal
- CAT 2026: In a first, IIM Indore to use AI-based face recognition along with admit card check at exam centres
- NCAHP Draft: ‘Unqualified’ allied health science professionals need bridge course, exam to keep practising
- Small-town students lack awareness, not merit; institutions must help them with scholarships, admissions
- MANUU BVoc, MVoc: What’s the NCAHP registration row and why are 600 allied health science students protesting?
- AIIMS Delhi, JIPMER, others: 1 in 7 resident doctors at top medical colleges quit midway; UDF urges probe
- Over 2,500 reserved faculty posts vacant across 17 IITs; at 10 institutes, over 60 depts with no SC teacher
- Share teachers before school closure; mergers, student relocation must be last resort: EAC PM paper
- ‘Not a course assignment…’: MS student turns off-syllabus research into Elsevier paper; this is how