19 Jul 2018: Rs. 1,500cr-by-15th-year: Jio Institute earned institute-of-eminence tag with this proposal
Reliance Foundation's Jio Institute, which was named among the government's 'Institutes of Eminence'(IoE) despite not even existing, has projected an income of Rs. 100cr in its first year from 1,000 students.
After deducting Rs. 38cr it will waive as scholarships, it comes to Rs. 6.2L per student.
In comparison, BITS Pilani received Rs. 467cr from 13,758 students last year- Rs. 3.39L per student.
Controversy: Here's why Jio Institute is making the news
Jio Institute raised eyebrows when it featured among 5 others, including IIT-Delhi, IIT-Bombay and IISc-Bangalore, in the government's IoE list.
IoEs will get special privileges like generous grants, complete autonomy, ability to hire foreign faculty, etc.
Facing criticism, the HRD Ministry later clarified the tag for Jio was conditional; it'd get only a letter of intent for now.
Fact: But how was a non-existent institute selected?
The government clarified the inclusion of Jio Institute was under the 'greenfield' category, i.e. a category for institutes yet to come into existence. Jio was the only one chosen from among 11 applicants. The certification will be subject to it proposing a strong perspective plan for 15 years.
Projected revenue: Jio's financial plans submitted to the government
Indian Express has now accessed Jio's plans submitted to the government. In the first year, it expects to earn Rs. 100cr from tuition and hostel fees.
It predicts it will rise to Rs. 208cr in the next year from 2,000 students, with a Rs. 76cr waiver as scholarship.
By the 15th year, it will have 10,000 students and a net revenue of Rs. 1,502cr.
Plans: Natural sciences, engineering, humanities, media, architecture among Jio's proposed courses
The Jio Institute said it will offer courses in Natural Sciences (300 seats), Engineering and Computer Science (250), Humanities (200), Management and Entrepreneurship (125), Law (90), Media and Journalism (60), Performing Arts (50), Sports Sciences (80) and Urban Planning and Architecture (50) in the first year.
Scientist RA Mashelkar, "national research professor" and National Innovation Foundation head, has been pitched as Chancellor.
Fact: Jio Institute likely to come up after three years
The institute, which will come up on 800 acres of land in Karjat, Navi Mumbai, is expected to admit its first batch three years later. Reliance Foundation has already committed Rs. 9,500cr towards the institute. It has said it will hire teachers from the top 500 international universities.
Perspective: Meanwhile, here's how much BITS Pilani charges
To put things in perspective, BITS Pilani earned Rs. 467cr as tuition and other fees from 13,758 students last year from across its four campuses in Goa, Pilani, Dubai and Hyderabad.
In its application for IoE status, it assured it will increase its student strength to 18,000 by 2021-22.
Even then, it has projected earnings of Rs. 890cr - Rs. 4.94L per student.