The Project is implemented as a 'Central Sector Scheme' with total project outlay of Rs. 3600 crore. However, the project would be initiated with a cost of Rs. 2660 crore, with the possibility of additional financing of Rs. 940 crore at later stage. Out of the Rs.2660 crore, the Central share will be Rs.1330 crore and external assistance from the World Bank through International Development Association (IDA) Credit of Rs. 1330 crore ($ 201.50 million as first tranche).
The project will be implemented with the facility of Direct Funds Transfer to the accounts of beneficiary institutes. The project will be initiated in the current year and will be co-terminus with Fourteenth Finance Commission (FFC) i.e. 2019-20,
The major outcomes of the project are:
a. Better academic standards, through accreditation, filling up faculty positions, training faculty in better teaching methods, improved research outputs in institution in Focus States/UTs.
b. Better administration of the institutions with improved financial/academic autonomy.
c. Better systems for assessment of Student Learning, higher transition rates.
d. Transparent and expeditious release of funds to institutes by way of Direct Funds Transfer (DFT) System.
An estimated 200 Government / Government aided engineering institutes and Affiliating Technical Universities (ATUs) including the Centrally Funded Technical Institutions (CFTIs) will be selected.
The project will cover all Government / Government aided engineering institutes, ATUs and CFTIs from Focus States/UT. High-performing TEQIP-I/ TEQIP-II Government / Government aided institutes/ATUs across the country would be eligible to participate in twinning arrangements for knowledge transfer, exchange of experience, optimizing the use of resources and developing long-term strategic partnerships.
The TEQIP-III will work as a mentor focusssing on North Eastern states. The Focus States are 7 Low Income States (Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Rajasthan and Uttar Pradesh), 3 Hill States (Himachal Pradesh, Jammu & Kashmir and Uttarakhand), 8 North-Eastern States (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura) and Union Territory of Andaman and Nicobar Islands.