New Delhi: In its bid to encourage students to continue their education beyond class eight, the Government of India on Friday approved a Rs 3,004-crore scholarship scheme for meritorious students of economically weaker sections.
The National means-cum-merit-Scholarship, to be implemented during the 11th Five Year Plan, would grant Rs 6,000 per annum scholarship to over one lakh students at the beginning of their class ninth session, till class 12.
According to the plan chalked out by the country's Ministry Human Resource Development (MHRD), over one lakh students would be awarded the Rs 6,000 per annum scholarship at the beginning of their class ninth session, till class 12.
The scholarship, which is limited to those studying in government, local body and government aided schools, would be given to students from the economically weaker sections whose overall parental income is not more that Rs 1.5 lakh.
Students would be selected through a state level examination for the class eight students that the government plans to conducted along with the first stage selection test of the National Talent Search Examination conducted under the NCERT.
To fund this scheme a corpus would be set up with the State bank of India during the current fiscal. While the government plans to invest Rs 750 crore during 2008-09, it would further pump in the matching amount to the fund every year for the next three years.
According to MHRD, the yield from the fund would be used for the scholarship scheme.