The Cabinet Committee on Economic Affairs (CCEA) on 20 January has given nod to the proposal of providing financial assistance of Rs. 2727.10 crore to Nalanda University to recuperate its infrastructure in the Bihar's Rajgir district. The financial aid shall be granted to the University over a period of 12 years i.e. from 2010-11 to 2021-22.
Recently revived Nalanda University is going to begin its first session from 2014 on a leased location. The main campus that will comprise residences of teaching and non-teaching staff is currently under construction on a 455 acres government plot, which will be provided free of cost by the Government of Bihar, till 99-years.
The financial aid is planned in consideration to meet many University infrastructure and operational expenses that will incur till 2021-22.
Out of the total financial support Rs. 1749.65 crore will be spent towards the capital cost of the project. In addition, for the University’s recurring expenses from 2014-15 to 2021-22 Rs. 977.45 crore shall be allocated.
Other than India, the financial help received by Nalanda University came from the voluntary contributions made by countries such as China, Thailand and Laos which sums up to a total of US$ 11.55 lakh. To help in setting up infrastructure Singapore has stepped ahead to offer to build a library by contributing US$ 5 million to it.
2450 students from India and abroad will benefit from the establishment of Nalanda University by the end of 2021-22.
Long defunct Nalanda University is to be restarted again after the Nalanda University (Amendment) Bill 2013 was passed by the Parliament in both houses.
The university is initially to begin from a small scale with its first batch of students, faculty and staff to commence with the first academic session by the end of the February 2014, after moving to Rajgir district.