http://economictimes.indiatimes.com/articleshow/1034855.cms Premji asks FM to loosen purse strings for students SUBHOMOY BHATTACHARJEE AND URMI A GOSWAMI TIMES NEWS NETWORK[ MONDAY, FEBRUARY 28, 2005 12:09:33 AM] NEW DELHI: A plan floated by Wipro chairman Azim Premji to provide soft interest loans to college students, subsidised by the government, has been endorsed by the HRD ministry, subject to sanction of additional funding by the finance ministry. The Azim Premji plan calls for the creation of a National Student Loan programme through commercial banks at interest rates not higher than 0.5% above the Government of India rate. The loss in terms of returns incurred by the banks will have to be compensated. The plan further proposes that part of the Budget for higher education should be set aside as interest subsidy. The idea is for institutions of higher education to be able to get returns, which are closer to costs incurred without it preventing students from availing quality higher education. The Premji plan is in line with the CMP. The UPA will ensure that nobody is denied professional education because of poverty. Unfortunately, the HRD ministry will be unable to implement such a programme if additional funds aren�t provided. In �04-05, technical education was allocated Rs 1,594.9 crore. Of this, Rs 649 crore was allocated to the IITs, Rs 236 crore for the National Institutes of Technology (formerly known as Regional Colleges of Engineering), Rs 112 crore for the Indian Institute of Science, Bangalore. The AICTE was allocated Rs 90 crore and vocational education was sanctioned Rs 183.5 crore. This leaves very little that the department can divert as interest subsidy. Senior HRD officials say that while the plan is good, without additional money only SC, ST, minorities, handicapped and OBC students will be able to avail of any loan.
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