The Electronics and IT sector is characterized by fastest emergence of new technologies leading to high rate of obsolescence leaving very short response time to absorb the technology, adopt the same and evolve new technologies/solutions. In addition, electronics is characterized by high velocity technology change leading to declining life cycle of products. Further, IECT is increasingly finding applications in all sectors of economy and is a key enabler in development of a country. Keeping in view the above requirements MeitY has approved a scheme entitled “Scheme of Financial Assistance for setting up of Electronics and ICT Academies” at a total outlay of Rs.148.47 crore to set up seven (07) Electronics and ICT Academies as a unit in IITs, NITs, IIITs for faculty/mentor development/up gradation to improve the employability of the graduates/ diploma holders in various streams, through collaboration of States/Union Territories with financial assistance from the Central Government. Out of the Seven(07) Academies, Five(05) Academies would be setup in Category ‘A’ with an annual target to train 4000 faculty and the remaining two(02) Academies would be setup in Category ‘B’ with an annual target to train 1600 faculty. Each Academy is expected to generate revenue by charging fee and taking up other activities from the second year onwards to meet the remaining cost in a gradual manner and become self-sustainable by the end of fourth year onwards .The scheme would lead to enhancement of the skills of the students in the Electronics and ICT sector.