The Union Cabinet Friday approved the implementation of the Multidisciplinary Education and Research Improvement in Technical Education (MERITE) Scheme with an outlay of Rs 4,200 crore, Union Minister of Information and Broadcasting Ashwini Vaishnaw said.
The scheme that is aimed to improve the quality, equity, and governance in technical education across all states and Union territories, is designed to implement interventions aligned with the National Education Policy-2020 (NEP-2020), focusing on improving the quality of technical education.
Vaishnaw said the scheme will cover 275 technical institutions, including 175 engineering institutions and 100 polytechnics, benefiting around 7.5 lakh students.
The scheme will receive external assistance of Rs 2,100 crore from the World Bank as a loan, with the remaining amount funded by the central government. It is expected to have a significant impact on technical education in the country, including development of digitalization strategies in participating states and union territories.
The scheme will also help increase employability skills of students, leading to higher placement rates and reduced unemployment. Also, it is expected to strengthen research and innovation environment, leading to better quality assurance and governance mechanisms.
It will be implemented through a Central Nodal Agency, with eminent educational institutions like IITs and IIMs playing a significant role in its implementation. The participating states and union territories will also play a crucial role in the implementation of the scheme.