Centre okays Rs 2,727.10 cr support to Nalanda varsity

The Centre  approved Rs 2,727.10 crore fund to the Nalanda University,over a period of 12 years.  The Cabinet Committee of Economic Affairs approved a proposal to provide the financial support to Nalanda University from 2010-11 to 2021-22.

The package include Rs 1,749.65 crore to be spent towards capital cost of the project and Rs 977.45 crore for meeting the recurring expenditure for eight years from 2014-15 to 2021-22.
The proposed international university is set to come up at Rajgir in Bihar. The Bihar government provided 455 acres of land free of cost for setting up the varsity.

The construction works are expected to start this year. Teaching in the first two schools of the varsity are set to begin from leased premises next September, while all its seven schools are expected to commence academic activities by 2017-18.

India, being the host country, has released Rs 25.28 crore to the university so far. The varsity already received $11.55 lakh as voluntary contribution from China, Thailand and Laos.