Madras University's accumulated deficit crosses INR 100 Crore

The varsity has sought a one-time special grant of INR 88 crore from the state government to pay pending pension benefits, arrears to staff and tide over the current crisis.

Madras University's accumulated deficit crosses INR 100 Crore

Madras University is in a financial crisis with its accumulated deficit crossing INR 100 crore, as per the revised budget estimates for 2021-22. The reason as per the officials is the ever-growing wage and pension bill and the dip in revenue and grants. Now, the varsity has sought a one-time special grant of INR 88 crore from the state government to pay pending pension benefits, arrears to staff and tide over the current crisis.

Madras University is now looking to clear audit objections so that it gets a full grant towards salary for teaching and non-teaching staff. It plans to introduce new courses in emerging areas and job-oriented certificate courses to attract more students to the distance education stream to increase revenue, as reported by TOI.

Madras University: Details

During a senate meeting, the University presented its annual budget for approval. The university's budget estimate for 2022-23 is INR 164 crore with revenue projected to rise from INR  79 crore in 2021-22 to  INR  92 crore in 2022-23. The grant from the state government towards salary is expected to be INR  63 crore and the projected deficit on this account is INR  8.5crore.
Vice-chancellor S Gowri said, "The university is taking several steps to increase the revenue including introducing several new courses in distance mode to attract more students. We are taking steps to remove audit objections to receive a full salary grant from the state government. The increase in enrolment in distance mode courses in 2021 is a positive sign."

Madras University recorded the highest number of enrollment in distance mode courses in 2021. The enrollment stood at 29,811, which is the highest in the last five years. 
The Madras university's Institute of Distance Education is introducing 11 new online courses.

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