"The country needs a large number of centres of higher learning which are world class," Jaitley said while presenting the national budget for 2014-15."
The Indian Institute of Technology (IIT) will be set in Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala while the Indian Institute of Management (IIM) in Himachal Pradesh, Punjab, Bihar, Odisha and Maharashtra, Finance Minister Arun Jaitley said in his budget speech.    
Setting up of an IIT entails an investment of roughly Rs 1,800 crore while an IIM requires around Rs 1,200 crore.
To infuse new training tools and motivate teachers, Jaitley also proposed to launch 'Pandit Madan Mohan Malviya New Teachers Training Programme'.
He also proposed to set up a Jai Prakash Narayan National Centre for Excellence in Humanities in Madhya Pradesh.

At present there are 16 IITs - one each in Bhubaneswar, Mumbai, Mandi, Delhi, Indore, Kharagpur, Jodhpur, Kanpur, Chennai, Gandhinagar, Patna, Roorkee, Ropar, Varanasi, Hyderabad and Guwahati.

The 13 IIMs are located in Ahmedabad, Bangalore, Calcutta, Lucknow, Indore, Kozhikode, Shillong, Rohtak, Raipur, Ranchi, Tiruchirappalli, Kashipur (Uttarakhand) and Udaipur.
Jaitley added that the government also proposed to ease and simplify norms to facilitate educational loans for higher studies.

Stressing the importance of elementary education, the minister said there was a residual gap in providing minimal school infrastructure facilities.

"An amount of Rs 28,635 crore is being funded for Sarva Shiksha Abhiyan (SSA) and Rs 4,966 crore for Rashtriya Madhyamik Shiksha Abhiyan (RMSA)," he said.

He also proposed Rs 100 crore to set up virtual classrooms as Communication Linked Interface for Cultivating Knowledge and online courses to take advantage of the reach of IT.


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