These institutes, 10 from public and 10 from the private sector, should also have a student enrollment of at least 20,000 students in a period of 15 years, as per a draft regulatory framework prepared by the Human Resources Development (HRD) ministry, which has sought suggestions from the public for these institutes.
The draft states that these should also figure in top 500 of any of the world renowned ranking frameworks such as the Times Higher Education World University Rankings or QS or Shanghai's Jiao Tong University in the first 10 years of setting up or being declared as 'World Class Institution' and come in the top hundred eventually over time.
According to these drafts, one for the government institutions and another for deemed universities, these learning places should admit students on merit and not turn them away because of their lack of finances.
The draft guidelines for government institutions also lay down that financial assistance would be provided to government institutions which have been declared world class.
The assistance would be up to an amount of Rs 500 crore to each institution in a span of five years from 2016-17 to 2020-21.
In the case of world class institutions deemed to be universities not owned or controlled by the government, a corpus fund of Rs 200 crore shall be created and maintained permanently.
These institutions shall implement the reservation policy
in admissions and recruitment in accordance with any Act of Parliament for the time being in force, the draft states.
The draft guidelines provide a lot of flexibility to these institutions in terms of designing there course and fee structure and in terms of regulation etc.
The world class institutions would be free to fix and charge fees from foreign students without restriction, the draft adds. They will also have the freedom to determine the domestic student fees, subject to the condition that no student who gains admission should be turned away for lack of finance.