A new DU firm may manage money, produce revenue, and award scholarships

The Delhi University (DU) has created a new non-profit entity that will have the authority to mobilise and manage the DU Endowment Fund, bargain with public and private organisations, purchase and sell real estate, and award scholarships to meritorious students.

The University of Delhi Foundation is now known as the Friends of DU Company, which was originally incorporated by the Delhi University as a non-profit organisation in July 2022.

The company was started with the goal of raising money for Delhi University.

DU non-profit for generating income

The corporation will concentrate on “revenue generation activities” and “create and support the DU Endowment Money” or comparable funds by fund mobilisation through gifts from alumni, well-wishers, or other means,” according to an Executive Council agenda.

Additionally, the business will be in charge of maintaining, overseeing, and potentially investing these funds. It can open branches outside of India and hire financial, legal, or technological experts.

The business is also eligible to seek for money and grants from the federal, state, local, and corporate governments. It may reach agreements with organisations, businesses, or corporations both inside and outside of India.

The business is also eligible to seek for money and grants from the federal, state, local, and corporate governments. It may reach agreements with organisations, businesses, or corporations both inside and outside of India.

The business is also free to acquire any land, lease it, or construct whatever buildings it sees fit. Without the University of Delhi’s prior written authorization, the corporation is not permitted to sell, lease, or transfer any of its assets.

Through “the issuance of scholarships or tuition fee waivers,” the corporation will also “provide financial support to deserving students.” Additionally, it will help with university operations costs like creating centres of excellence, new facilities, new academic programmes, etc.

DU’s commercialization: Teachers

Teachers who opposed the idea of creating such a firm for the purpose of generating cash said it would result in the commercialization of the university. The Academic Council and the Executive Council, the senior governing organisations of the university, will become outdated as a result of this action, according to teachers.

“Changing the organization’s name from “Friends of DU” to “DU Foundation” does not make it an opponent of DU. Academic Council, Executive Council, and VC-Registrar become owners due to its shareholding.

The plan for corporate takeover is evident when you read it with a HEFA Loan of Rs 1,000 crores, according to Rajesh Jha, a former member of the DU Executive Council.

India’s university administrators have complained that the government has been giving them fewer grants. DU claimed that it “has not received sufficient grants” from the University Grants Commission (UGC) for infrastructure development in a letter to the education ministry in September 2022. As a result, it was unable to even afford to buy one piece of lab equipment.

The Union Budget 2023 has increased funding for higher education, while allocations for interest subsidies, guarantee fund contributions, and scholarships for college and university students have decreased, going from Rs 1,400 crore and Rs 252.85 crore to zero.

The budget for this year also includes no funding for the Higher Education Finance Agency (HEFA), the federal government’s lending programme for enhancing university facilities.

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