The Panjab University Board of Finance on Tuesday approved a budget of round Rs 469 crore for the next fiscal.
Members present at the board meeting on PU campus were told that the university was expected to earn revenue of Rs 140 crore during 2013-14 and would approach both the central and Punjab governments to bridge the income-expenditure gap.
The meeting was informed that the central government had already approved a budget of Rs 116 crore for the university this financial year, of which Rs 39 crore has already been received. The money, once received, would be used to pay off a loan of Rs 39 crore availed of by the PU to pay off staff salaries.
The varsity would also use the money to increase fellowship given to research scholars from Rs 5,000-Rs 6,000 to Rs 10,000-Rs 12,000 per month.
Panjab University would also offer 'rotatory internship' to students of BDS course at the Dr HS Judge Institute of Dental Sciences and Hospital, Panjab University. The budget for payment of stipends was approved at the meeting.
Another Rs 20 lakh were approved for improvement of infrastructure at PU's Swami Sarvanand Giri Regional Centre at Hoshiarpur. The meeting also approved another Rs 75 lakh for Internet connectivity in the new buildings at Chandigarh campus of the university.
A sum of Rs 25 lakh were approved for setting up galleries at department of ancient Indian history, culture and archaeology. Another Rs 30 lakh would be spent on the repair of an auditorium of the department of evening studies. Other expenses likely to be incurred during renovation at PU hostels was also given the go-ahead.