Financial grant for IISc hiked

The Union Cabinet on Thursday gave its approval to increase the block grant for the Indian Institute of Science (IISc), Bangalore, from the year 2007-08 over and above the level approved three years ago.

Of the increased amount, Rs 73 crore will be released during the year 2007-08, according to a press release from the Press Information Bureau. The balance increase of Rs 72.5 crore due for 2007-08 will be released in 2008-09 along with the ad hoc block grant for financial year 2008-09.

"The decision will help in restoring the financial health of IISc, Bangalore," the release added.

During 2006-07 annual budget the finance minister had sanctioned Rs 100 crore for the institute.