Universities will no longer depend on the government for funds on the lines of IITs. Funds will be taken from alumni to fund their expenses. The alumni will be on the Governing Board of the universities. For this, the first staged career migration and alumni network policy is being implemented from the 2021 session. In this, with the money from the alumni, their ideas will improve from placements, courses, exams and other policies.
This policy has been prepared by the first University Grants Commission on the instructions of the Ministry of Human Resource Development. According to a senior official, alumni have a huge contribution in advancing any institution. Alumni in IITs and IIMs contribute immensely to advancing the institute.
A similar idea will be implemented in universities. Its purpose is not to take money from alumni. Rather their idea is to be used in the upliftment and placement of the institute. Older students will help graduate students move forward based on their experiences.
Alumni can contribute one percent of their total income to their institute as a support. The members who help with the money will be included in the governing body. Such members will also attend the Governing Board meeting.
The money from the alumni will be spent on the infrastructure including various schemes of the students. If the alumni meet the rules then they can also cooperate in the teaching work. The alumni will also get exemption from income tax on the funds received by the institute.
