It was announced by Finance Minister P Chidambaram that the Union Cabinet on Thursday, July 17 had conceded to the creation of eight new Indian Institutes of Technology (IITs) in India. Further on, he said that it was decided to convert IT-BHU into IIT by investing Rs 6,080 Crore.  

The Union Cabinet has also okayed the Prime Minister’s 15-point programme for the welfare of minorities as well as the funding of six Geo-synchronous Satellite Launch Vehicle (GSLV) Project Operational Flights — F11 to F16. Bihar, Andhra Pradesh, Rajasthan, Orissa, Gujarat, Punjab, Himachal Pradesh and Madhya Pradesh are the places where the eight new IITs are expected to be set up.

P Chidambaram pointed out that these eight new IITs would serve in providing supreme technical education to bright students as the existing IITs managed to induct only two per cent of the three lakh students who appeared for the Joint Entrance Examination. The posts of a director and registrar was also approved for these new IITs by the Cabinet, apart from giving consent to the creation of 30 new faculty posts each year in the first three years of establishment. 

The Indian Finance Minister also informed that the Union Cabinet has decided to hike the grade of all existing IIT directors to Rs 26,000 from the current Rs 25,000. On the other hand, Prime Minister Dr Manmohan Singh said that he wants the speed for the implementation of welfare measures for uplift of minorities to fasten up.