A conscious effort is in place to provide a necessary boost to the knowledge economy of India. The 11th five year plan targets to increase the GDP allocation to education from its present level of 3.5% to 5% by the end of the 11th plan. In a pursuit to achieve the targeted resultant, the Planning Commission intends to set aside 19.7% of the total plan resources for education.
The plan outlay for the education sector will thus cross Rs. 2,20,000 crores, a five fold increase from Rs. 43,825 crores in the 10th five year plan.
The Prime Minister in one of his speaches had announced setting up of eight new Indian Institutes of Technology(IITs), seven new Indian Institutes of Managements(IIMs) and 30 new Central Universities. The Government is working on which states will house these institutes of excellence.
The initial announcements are already featuring Gujarat to emerge central to the scheme of things. The Central Government has not only given nod to the proposal of the Gujarat Government to set up an Indian Institute of Technology(IIT) but also for a full-scale Central University to be run on the lines of Jawaharlal Nehru University(JNU).
The Centre has also decided on simultaneously setting up an Indian Institute Of Information Technology-Academy (IIIT-A) at Vadodara, where training will be imparted to the teachers and an Indian Institute of Information Technology (IIIT), an institute for higher learning with a focus on IT-related cources.
A land in the excess of 300 acres, adjoining the Gujarat International Finance Tech-City (GIFT), has already been demarcated for the setting up of IIT.