Dharwad, DHNS: Chief Minister Siddaramaiah said the proposed higher educational institution of international standard - Bengaluru School of Economics - coming up on the lines of London?School of Economics will start functioning in the next academic year.

In his speech, which was read in absentia by Higher Education Minister Basavaraj Rayaraddi at the inauguration of an international seminar on ‘Creating Better World: Dr B R Ambedkar’s vision and perspectives’ at the Department of Dr B R Ambedkar Studies of Karnatak University here on Tuesday, Siddaramaiah said Rs 107 crore has been released to set up the institution that would be named after Dr B R Ambedkar who was also an eminent economist.

Earlier, the government had proposed to set up the institution in collaboration with the private players. However, no private organisations showed interest to join hands with the government in this venture. Therefore, the government decided to go ahead on its own to set up this institution in Bengaluru.

Nearly 50 acres of land has been identified at the Bangalore University campus to set up this institution. A committee, comprising former Chief Secretary S V Ranganath and eminent economist N R Deshpande, would submit a report on the faculty, design of the buildings and other related matter with in seven days, he added.

On the occasion of the 125th birth anniversary of Ambedkar, the state government has decided to open 100 pre-matric girl's hostels and 125 residential schools this year, and they would be named after Ambedkar, Siddaramaiah said.