The Finance Minister today said that two more Indian Institutes of Management will be set up in Jammu & Kashmir and Andhra Pradesh. This will take the total number of IIMs in the country to 20 (taking into account the new proposed IIMs).
Further, in this budget speech, Arun Jaitley said that Indian School of Mines in Dhanbad will be converted into an Indian Institute of Technology (IIT), apart from setting up a a new IIT at Karnataka.
Also, a fully IT-based student financial aid authority will be set up. Under this Pradhan Mantri Vidhyalaksmi Karyakram, it will ensured that no student should be deprived of higher education due to lack of funds. This body will fully monitor all scholarships and aids awarded to students for higher education.
All India Institute of Medical Sciences (AIIMS) will be set up in Jammu & Kashmir, Punjab, Tamil Nadu, Himachal Pradesh and Assam. There will also be an AIIMS-like institution in Bihar. The budget allocation for education stood at Rs 68,968 crore.
In its budget in July 2014, the government announced setting up 6 new IIMs in the states of Himachal Pradesh, Punjab,Bihar, Odisha, Maharashtra and Andhra Pradesh.
Further, in that budget, it had announced the setting up of 5 new IITs in Jammu and Kashmir, Chhattisgarh, Goa,Andhra Pradesh and Kerala. With this year's budget proposal, the number of IITs (including proposed) would go up to 23.
The proposal for conversion of ISM into an IIT was recommended by the Evaluation and Review Committee set up by the Government of India in 1994. In July 2012, IT-BHU to IIT-BHU in June 2012, ISM is now the only non-IIT institute which admits IIT-JEE (now called IIT-JEE Advanced) qualified students to its various undergraduate and dual degree programmes. Interestingly, once admitted into ISM or an IIT through IIT-JEE (Advanced) exam, a student is not permitted to appear in the exam again, and hence cannot take admission in an IIT next year (as per rules of the JEE exam).
In 2009, ISM got the approval of its Finance Committee, Executive Board and General Council, proposing its conversion to an IIT. In September 2011, a resolution was passed by the Government of Jharkhand, recommending to the Government of India to convert ISM to an IIT soon.
In June 2012, a Planning Commission panel, on a reference to it from the Union Cabinet, favoured that this conversion be done, during the 12th Five Year Plan (2012-2017) and in such a possible way that ISM's core competency in mining and geology is maintained. The proposal to convert ISM to IIT became a part of the new 5 Year Plan after its passage by the Prime Minister headed National Development Council or NDC, on 27 December 2012.