The Lok Sabha (the lower house of Parliament) has passed the Rajiv Gandhi Institute of Petroleum Technology Bill 2007. The Bill is aimed at declaring the Institute as an “Institution of National Importance” and to provide for its incorporation and matters connected therewith. Earlier, on 29.11.2007, Rajya Sabha had passed this Bill.
With this Parliamentary nod has been received for enactment of the Bill. The Rajiv Gandhi Institute of Petroleum Technology (RGIPT) is envisaged to serve as the fountainhead for the nurturing of world class technical human resources capable of serving as the leaders and innovators of tomorrow in the field of Petroleum Technology.
The total estimated capital cost of the project is Rs.435 crore which would be met partially through budgetary support of Rs. 285 crore and Rs.150 crore from Oil Industry Development Board.
The total estimated recurring expenditure of Rs. 260.58 crore would be met from the accrual of interest on Endowment Fund of Rs. 250.00 crore to be created with the contribution of Oil Public Sector Undertakings (PSUs), student fees, donations and other earnings of the Institute through Research & Development, consultancies, students' placement fees, etc. The Institute is envisaged to be self sufficient and self-reliant by the year 2015-16.
It is important to note that Government had come out with the New Exploration Licensing Policy in 1999 and with the passage of time this policy has been made more and more attractive to foreign companies as well as Indian private and public sector companies.
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