The ministry of overseas Indian affairs (MOIA) is finalizing a policy to set up a PIO varsity, spread over 100 hectares, in a special economy zone (SEZ) in the country. While, the status of the deemed university, fully funded by the NRIs/PIOs, will be governed by the provisions of the Sec 3 of the UGC Act, the investors will be exempted from IT, customs duty, excise duty, sales tax etc, since it will be in the SEZ. It will be a major step towards developing a comprehensive bilateral educational links with the Indian Diaspora.
This was announced by minister for overseas Indian affairs Vayalar Ravi. The proposed varsity will cater to the needs of these people and will be at par with the best universities of the world. Officials feel besides attracting investment in the country, students can become brand ambassadors for India and help in the countrys development. "Nearly 25% seats will be reserved for resident Indian students," says a senior MOIA official.
The varsity will conform to the UGC, AICTE, MCE standards but will be fully autonomous. Faculty appointments, curriculum design, financial matters, fee structure and intake of students will be their own decision. Initially, courses like medicine, engineering, dentistry, business administration, IT, bio-tech will be included. New courses will be added depending on future demand.
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