The scheme was announced in the budget 2021-22 by the Finance Minister.
Ministry involved :
The scheme is regulated by Ministry of Education
Minister of education: Dharmendra Pradhan
About the scheme:
The institutions in the same city would be encouraged to share resources, equipment and even allow their students to take classesfrom each other.
Finance minister proposed to set up an umbrella body as part of the glue grant scheme to monitor and conduct joint operations between the industries and the academic institutions.
This will help to integrate the educational and professional domains of the country.
It will also help to reform the academic curriculum as per the requirement of the professional world and to produce better human resources.
What is Glue Grant:
It is funding provided in the educational sector to link the academic institutions with the industrial demand.
Aim:To create a sustainable partnership between multidisciplinary institutions in order to promote development that benefits the whole nation.
Cities to be benefitted:
Six cluster cities have been identified and the glue grant framework has been initiated with the support of Principal Scientific Advisor (PSA).
The identified cities are:
Delhi NCR
Bengaluru
Pune
Hyderabad
Jodhpur
Bhubaneswar
Academic Credit Bank:
Academic Bank of Credit is envisaged as a digital bank that holds the credit earned by a student in any course.
It is a major instrument for facilitating multidisciplinary and holistic education and multiple entry and exit in higher education.
The Academic Credit Bank would have to be adopted separately by the academic council of each university to kick off implementation.
The Academic Bank of Credits will enable students to select the best courses or combination of courses to suit their aptitude and to tailor their degrees or make specific modifications or specialisations rather than undergoing the rigid, regularly prescribed degree or courses of a single university.
Academic Bank of Credits will provide a variety of services including credit verification, credit accumulation, credit transfer or redemption and authentication of academic awards.
How it works?
To start with, the system would allow students to attain qualifications by amassing credits rather than specific durations on campus.
A certain number of credits would add up to a certificate, then a diploma and then a degree, allowing for multiple entry and exit points.
Students can earn up to 40% of their credits in online Swayam classes, rather than in the physical classroom.
In the future, these credits will hold validity across different institutions.