The central government would soon grant new scholarships worth Rs 60,000 per month for five years to students of Indian Institute of Technology (IITs) selected to promote innovation, an IIT official said on Monday.

“Though there are many scholarships for various courses and research projects, this is the first time the government is offering a big amount (Rs.60,000) per month to promote innovation in IITs,” IIT-Dharwad dean Narayan Punekar told IANS.

Announcing the new scholarship scheme on Sunday after formally unveiling the new IIT-Dharwad, Union Human Resources Development Minister Prakash Javadekar said his ministry would invite innovative ideas from students and the best among the selected would be given Rs 60,000 per month for five years.

“The new scheme is to encourage IIT students to innovate for the growth of industries and groom them into entrepreneurs while studying for degree. You sell your ideas and we (government) will fund them,” Javadekar told about 120 students, who joined the institute a month ago from across the country.

Source: NDTV