In the centennial year, the loss decreased from 31 to 09 crores.
In its centennial year, Lucknow University is working toward economic self-sufficiency.That’s not everything.
Since many years, the university has been going to lose roughly 35-40 crores.The university receives only Rs 34 crore from the government due to the grant freeze. His salary expense alone is almost Rs 180 crore per year. He has been compensating it through his fees and other sources.
As a result of his lack of revenue, he was forced to travel everywhere for development work such as building, repair, and construction. The university administration has cut costs and generated new revenue streams in the last two years. In the last two years, the university’s deficit has decreased from Rs 31 crore to Rs 09 crore.
This is also the situation when he has also promoted his teachers.Not only this, the university administration celebrated its centenary year for a week. There were extra costs for this too. The work of repairing and painting the old buildings was done, but the university administration, using its financial management in the event, organized a better event at the least cost. Now the goal of the university will come in financial benefits by recovering itself from losses in the new financial year so that the university can be taken forward.
Reduced expenses, got work done from other sources.
The university administration not only increased its income but also reduced unnecessary expenses. Due to a lot of work being done online, the cost was reduced, paperless Burke was promoted. With the help of CSR funds and public representatives, toilets were constructed in the campus, arrangements for big ambulances, repair of hostels were done with the help of the government. There are still many new works in the pipeline.
Effect of not having exam for 2 years
Due to Pandemic, last year and this year also only final year examinations have been conducted in the university, while the examination fee was charged from the students in both the years. The cost of copy paper etc it was also reduced in conducting the final year examinations only. This also had a great impact on the university in reducing its losses.
University’s income increased by centralized admission, consultancy, research grant
Lucknow University administration has started the system of centralized admission since last year, in which the colleges involved are charged Rs 1 lakh for professional course and Rs 50 thousand for general course. At the same time, 40 percent of the consultancy fee started to be given to the teachers, then the income increased in this item. Similarly, the income from the Reserve Grant has increased in recent times. Along with this, income has also increased from service ease started online, YouTube channel monetization etc., which has benefited the university in reducing its losses.
Moving forward by setting goals
In its centenary year, it was not right for LU to be in loss and wander here and there for small things. I started the online services facilities by targeting, which got a lot of support. The teachers did a lot of work in the consultancy fee, research grant etc. By next year, this university will be profitable and will move forward in new work, new direction.
- Pro. Alok Kumar Rai, Vice Chancellor, LU
NEWS SOURCES: AMARUJALA