DU Approves Sanctioning Of Rs 1 Crore Per Year For Sustaining Udhmodya Foundation- Education News
Delhi University‘s (DU) Executive Council on Thursday approved the sanctioning of Rs 1 crore per year with an annual increment of five per cent for sustaining the activities of a not-for-profit company formed to promote innovation and encourage new startups.
DU has constituted a company called the Udhmodya Foundation for fostering innovations, entrepreneurship and startup culture at the university. The sum will be furnished from the University Development Fund (UDF) to start the activities as envisioned in the Memorandum of Association of the company, as said by a senior university official. Out of the funds provided, 60 per cent will be spent on incubation activities and at most 40 per cent will be used for administrative activities, including salary, the official added.
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