Aiming to become a self-financing institution, the University of Mumbai has set up a committee of five persons to explore funding avenues, on the lines of a Harvard University module.
University officials, who visited Harvard last month, got an insight into the independent functioning of the university. According to Dr Naresh Chandra, pro-vice-chancellor of MU, the need of funding for infrastructure development, new courses and student-centric initiatives was rising every year. However, with limited budget being allocated to higher education, it was necessary to explore new avenues to generate funds to keep the University at par with the topmost institutions in the country.
“The visit to Harvard was a very fruitful one; we met the director of the university whose sole task was to generate funds. Tie-ups, collaborations and partnering with the industry are some of the means by which Harvard generates funds. In our report to the government, we have mentioned the same and have received encouraging responses,” said Dr Chandra.
The five-member committee has already implemented new initiatives that led to the recent tie-up with a cold drink manufacturing company, wherein it will sponsor courses specific to its requirement. Similarly, the University entered into another tie-up with a consultancy company for the same purpose. Through these tie-ups and others in the past two years, the University has managed to raise nearly `50 crore.
“With the demand for professional courses both from the industry and students on the rise, this move by the University is inevitable. After our return from Harvard, we apprised the minister for higher and technical education Rajesh Tope of the same and he was very appreciative of our observations. Though the University is not in a position to employ as many staff as Harvard has for raising funds, we have made a start by appointing a committee of five persons and hope that they are able to make the University self-sufficient,” said Dr Chandra.