A Knowledge Initiative between the US and India, which was announced during Prime Minister<br/>Manmohan Singh's visit to the US last year, will be used for developing faculty for select institutions like new IITs.<br/> The decision was taken at the United States-India Strategic Dialogue today.<br/> The Obama-Singh 21st Century Knowledge Initiative, will provide 10 million dollars in combined funding to increase university linkages and support junior faculty development between US and Indian universities.<br/> In a joint statement after the conclusion of the dialogue, both countries agreed that the Obama-Singh 21st<br/>Century Knowledge Initiative will be used for developing faculty for select institutions like new IITs.<br/> India and the US also agreed to join hands in the<br/>education sector through enhanced academic exchanges and collaborations programmes, a measure aimed at strengthening the new institutions.<br/> The step assumes significance as India has announced the launching of eight new IITs in the last two years. Facultyn shortage is a major problem in technical institutions like IITs and NITs in India.<br/> Secretary of State Hillary Clinton and External<br/>Affairs Minister S M Krishna acknowledged the positive contribution of cooperation in education and science and technology to bilateral relations.<br/> HRD Minister Kapil Sibal participated in the dialogue and raised the issues of Obama-Singh Knowledge Initiative, collaboration for setting up of Innovation Universities, collaboration in frontier areas of research, skill development and Indo-US Education Council.<br/> Both nations welcomed the steps taken towards<br/>implementation of the Obama-Singh 21st Century Knowledge Initiative launched last year with the goal of increasing university linkages and junior faculty development exchanges between US and Indian universities.<br/> They hailed formation of the India-US Higher Education Forum under the auspices of the US-India Business Council. <br/>