Pbi varsity V-C meets Manpreet on fund crunch

PATIALA: Punjabi University vice-chancellor Arvind, accompanied by a battery of senior officials of the varsity, met Punjab finance minister Manpreet Singh Badal and other top functionaries of the state government on Wednesday to apprise them about the acute financial crisis plaguing the functioning of their institution.

The VC have a detailed presentation on the measures the varsity had taken to generate income from its own resources. According to budgetary proposals for this fiscal year, the varsity expects to generate an annual income of Rs 342 crore, including government aid. With the expenditure, however, at Rs 472, the university has to bridge a fiscal deficit of Rs 130 crore.

At the moment, the varsity is toiling hard to meet its mostly fixed and committed expenditure, including payment of salaries and pensions to its employees, on time.

V-C Arvind said, “We have informed them that the university has taken key steps, including restructuring and rationalization of staff in external centres, 10% increase in fee, starting new courses and other related measures to generate income of its own.”

He added that the government was also apprised about

recent actions taken against those who were involved in financial irregularities. “The minister gave a patient hearing to our presentation. Now, we want the government to look into the issue of our finances and decide positively on providing financial assistance to the institution,” he added.

Recently, a five-member committee had been formed under the varsity’s finance officer Rakesh Kumar to prepare detail report on its finances and how it could be improved.

“We informed the government about the gap between income and expenditure and how it could be bridged,” the V-C added.

Meanwhile, an official present at the meeting said discussions were also held on increasing the varsity’s monthly grant to Rs 25 crore from the present Rs 12 crore.

The government has also been briefed in a debt of Rs 120 crore that the varsity has taken from banks to meet its monthly expenditure.

On March 8, the Punjab government had come to the rescue of cash-strapped varsity with its announcement of a special grant of Rs 90 crore in its annual budget. The varsity has already received the first instalment of Rs 27 crore of this money.