"This will end the shortage of space scientists," he said. The Cabinet sanctioned Rs 270 crore (Rs 2.7 billion) for the project which would have a recurring annual cost of Rs 40 crore (Rs 400 million).
The institute would start the course from the current academic year 2007-2008. The campus and other infrastructre facilities will be completed soon
according to the statement issued by the Press Information Bureau.
"The structure of the Indian Institute of Space, Science and Technology will be similar to that of the IIT's. It will provide high quality undergraduate and postgraduate education in space technology and science and post graduate and research programmes in space science and technology and integrated masters in space science," the minister said.