VTU facing financial crunch, to set up consultancy centres for raising funds

Visvesvaraya Technological University will soon be setting up consultancy centres to raise funds. The consultancy centres are to be set up because the university is going through some major financial crisis. With the help of the consultancy centres, the university will be able to raise funds and these funds will help the university get out of the financial crisis they are going through right now.

VTU is a public state university in Karnataka. The university was established by the government of Karnataka in the year 1998. The university provides both graduate and post graduate courses. VTU has always focused on having a good curriculum and also believes in having a research oriented approach.

The concept of setting up a consultancy centre is new for the varsity, however, several private engineering colleges have been actively working towards the concept. The university is facing severe financial crisis currently, even the salary of the employees has not been paid. The Income Tax department had seized s. 400 crores, though the university made a lot of efforts to get back that amount, but it all failed. Last year, the Income-tax department recovered the tax from VTU for the year 2004-05 to 2013-14. The university pleaded the IT department to exempt them from tax as this is a non-profit university. Though, court-ordered stay when VTU requested them, but, later, even the court dismissed their appeal. VTU was not paying taxes for the past seven years.

Prof Karisiddappa, Vice-chancellor of VTU, said, “As part of our fund-raising efforts and to make the best use of our lecturers, we have decided to set up a research, development and consultancy centre on the VTU main campus and in all constituent colleges. We have lecturers who excel in engineering and we need to make use of their knowledge. We will place this before the academic senate and the executive council for approval.”

The university will also publish a list of its lecturers and also their area of expertise. On the basis of that, all the private companies can then contact the consultancy centre as per their requirement.

The vice chancellor also said that all the lecturers who will work as the consultants will also have to share 50% of their remuneration with the university. This has also been considered as one of their ways to raise funds.

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