Kottayam: The Mahatma Gandhi Syndicate meeting which was held on Thursday at the University approved a budget of Rs 512.33 crore for the financial year 2018- 19. In the preceding year (2017- 18) the University estimated Rs 425.71 crore as income and Rs 528.06 crore as expenditure. A deficit of Rs 57.21 crore is also expected. K. Sharafudhin, the Finance Committee Convenor of the MG University Syndicate presented the budget. MG University Vice Chancellor Dr Babu Sebastian presided over the meeting.
Rs 195 crore is expected as an outside project grant and Rs 32.94 crore as project grant from the state government. According to the information provided by the Syndicate, the income of the University is Rs 75 crore.Projects to the tune of Rs160 crore were given shape so as to elevate the academic standards of the University to international standards.
The University had earmarked Rs 15 crore for the science departments of the University and another Rs 5 crore for other departments. The School of Nano Sciences and Technology will be established at a cost of Rs 150 crore with the help of KIIFB. An international academic complex will be established spending Rs 40 crore.
The budget also earmarked money for the establishment of the patent facilitation centre, Finishing school and the Sasthrayan project. The budget plans to give Rs 5 lakh rupees and felicitate the best affiliated colleges coming under the University. A community radio will be established at the University spending Rs 50 lakh.