Private and public companies with a turnover of at least Rs 100 crore per year over a 3-year period have been allowed to set up technical institutes from the next academic session to meet the increasing demand of such institutes.
They can establish new technical institution in engineering and technology, pharmacy, architecture and town planning and hotel management catering technology, the government said today.
"The All India Council for Technical Education (AICTE) has allowed from 2013-14 private limited or public limited company/industry having turnover of at least Rs 100 crore per year for previous 3 years to establish new technical institution," Minister of State for HRD Shashi Tharoor told Rajya Sabha in a written reply.
AICTE has further proposed a scheme of setting research park with the industry in certain good institutions where it will fund up to Rs one crore along with matching grant from the industry, he said.
The institutes are expected to provide about 350 to 500 Sq. Mtr. of area within the campus to the industry to set up research extension facility within the institute.
This facility would provide the students to work on live projects and faculty to participate with the industry experts for the same whereas the industry also would benefit from the faculty expertise, the Minister said.
He said AICTE has reviewed the curriculum related to technical stream and has come up with a model curriculum to involve industry best practices following observations of several bodies about lack of adequate skills imparted in the technical education.