DU to set up two new firms to raise funds from alumni, finance innovation

DU is going to set-up two new firms to raise funds from its alumni and promote innovation.

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DU is going to set-up two new firms to raise funds from its alumni and promote innovation. (Photo Courtesy: PTI)
DU is going to set-up two new firms to raise funds from its alumni and promote innovation. (Photo Courtesy: PTI)

Delhi University Vice Chancellor has stated that the varsity is going to set up two not-for-profit firms to seek funds from its alumni and to promote innovation. The VC further said that as Delhi University is entering its centenary year, there should be policy reforms. Speaking to the news agency PTI last week during an interview, DU VC said, “In the centenary year, we should come towards policy reforms to make DU a better place. How can we make DU a happening place? We are making investments and have asked for a loan from HEFA.”

1000 CRORE LOAN APPROVED

A loan amounting to more than Rs 1000 crore from the Higher Education Funding Agency (HEFA) was approved by Delhi University’s Executive Council last month for developing infrastructure and creating capital assets.

COMPANY TO WORK ON GENERATING FUNDS

DU VC Yogesh Singh further informed that a Section 8 company to generate funds for the varsity will be created.

“The Section 8 company will ask for funds from alumni and from companies under their CSR activities,” said the VC.

“It will be an independent company of DU and will have a professional CEO. The funding will be used for developing the university,” he added.

COMPANY FOR INCUBATIONS

Speaking further, DU VC Yogesh Singh said, “The second company will work on incubators and promote innovation. The forms for the companies are going to be submitted soon.”

“We will advertise for the posts of CEOs for the two companies after the approval,” he added.

DU FUNDING MELAS

DU VC Yogesh Singh proposed holding a 'financial mela,' similar to a 'job mela,' to gather finances.

According to the Businesses Act of 2013, Section 8 companies are those that are formed for charity purposes and do not pay dividends to their shareholders.

FALL IN DU RANKINGS

Delhi University rankings have witnessed a decline in both national and international rankings in the past two years.
The varsity fell behind other National Universities like JNU and Jamia Millia Islamia for the twelfth rank, while JNU and JMI secured second and sixth positions respectively in the NIRF university rankings.

In the years 2020, 2019, and 2018, Delhi University was placed 11th, 13th, and seventh, respectively. The varsity dropped one position to 19th in the overall rankings in 2021.

In the previous year's NIRF rankings, the institution received a 42.65 in teaching, learning, and resources (TLR), much behind JNU (71.19) and Jamia Millia Islamia (66.44).

MEASURES TO IMPROVE RANKING

On the issue of increasing the varsity’s ranking, DU VC Yogesh Singh said, "We are working to improve the research culture in the university. The recruitment process is underway and interviews for various teaching posts are going on.

“For the rankings to improve, our target is to increase the quantum of research," he added.

TARGET TO REMOVE ‘ADHOCISM’

DU VC Yogesh Singh went on to say, “Our target is to bring the university out of ‘adhocism’ in the next one to one-and-a-half years. We are conducting interviews and ad hoc teachers can participate.”

He further remarked that the demand concerning a one-time absorption of ad hoc and guest teachers isn’t easy and is something that “plagues not only DU but other places too”.

“If it happens, we will follow it,” he added.

WHAT IS NEEDED TO IMPROVE RANKING

Speaking about stopping the decline in rankings, DU VC Yogesh Singh stated that good PhDs, research, and improved teaching are needed to make a positive impact on the ranking.

Speaking further, he stated, “It's a slow process. We have to arrest the decline. If we do something today, its impact will show after three years.”

“We are doing a data analysis. First, we have to stop the downfall. The other universities are working hard and we can also do it. I am very hopeful. Within three to four years, everybody will see the change,” said the DU VC further.

(With PTI inputs)