Govt can't fund new IITs, IIMs; calls private money

New Delhi: On August 15, 2007, Prime Minister Manmohan Singh promised India eight new IITs, seven new IIMs, 20 IIITs and 30 central universities in an announcement that had the academic fraternity cheering.
The 11th Plan draft paper also envisages Manmohan Singh’s vision.
But just where will the money to run and fund these top-notch institutes come from? In an important move, the government is thinking of allowing private players to help fund prestigious centers of learning like IITs and IIMs.
It was in 1910 that the first educational institute under public-private partnership was set up. Indian Institute of Science in Bangalore was a joint venture between the industrialist Jamsetji Tata and the government.
But in independent India, most of the investment in higher education has been done by the state.