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New Delhi: India's cabinet on Thursday formally approved eight new Indian Institutes of Technology (IITs) to be set up across the country as world class engineering institutions at a total cost of Rs60.8 billion (Dh5.19 billion).
A meeting of the cabinet, presided over by Prime Minister Manmohan Singh, also approved the takeover of the Institute of Technology (IT)-Varanasi under the IIT system, which has won global praise for the quality of education it has been imparting for over four decades.
IT-Varanasi currently functions under the Benaras Hindu University.
"We will also consequently go ahead to get a formal approval for forming of societies and creating legal entities for the new IITs," Finance Minister P. Chidambaram said.
He said the new IITs have been approved in Bihar, Andhra Pradesh, Rajasthan, Orissa, Gujarat, Punjab, Himachal Pradesh and Madhya Pradesh.
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