The National Rail and Transportation University will be set up as a Deemed to Be University under de novo category as per the UGC [Institutions Deemed to be Universities] Regulations, 2016, said the statement.
Government is working towards completing all approvals by April 2018 and to launch the first academic program in July 2018.
A not-for-profit Company under Section 8 of the Companies Act, 2013 will be created by the Ministry of Railways which shall be the Managing Company of the proposed university. The company will provide financial and infrastructural support to the university, and appoint Chancellor and Pro-Chancellor of the university. Board of Management, comprising professionals and academics, shall be independent of the Managing Company with full autonomy to perform its academic and administrative responsibilities.
Existing land and infrastructure at National Academy of Indian Railways (NAIR) at Vadodara, Gujarat will be utilized, and suitably modified and modernized for the purpose of the university. In its full enrolment, it is expected to have 3000 full time students. The funding of the new University/Institute is to entirely come from Ministry of Railways.
The government also said the university will create a resource pool of skilled manpower and leverage state-of-the-art technology to provide better safety, speed and service in Indian Railways.
"It will support 'Startup India' and 'Skill India' by channeling technology and delivering knowhow, and foster entrepreneurship, generating large scale employment opportunities. This will lead to transformation of railway and transportation sector and enable faster movement of people and goods. Through global partnerships and accessing cutting edge technologies, India will emerge as a global centre of expertise," added the statement.
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