Explanation:

Recently, Rajya Sabha passed the Indian Institutes of Information Technology Laws (Amendment) Bill, 2020 in New Delhi today. It has been already passed by Lok Sabha.

• The Bill seeks to declare five IIITs set up under the PPP mode in Surat, Bhopal, Bhagalpur, Agartala, and Raichur as institutions of national importance.
• Currently, these institutes are registered as Societies under the Societies Registration Act, 1860 and do not have the power to grant degrees or diplomas. On being declared institutions of national importance, the five institutes will be granted the power to grant degrees.
• The Bill seeks amendment to the Indian Institutes of Information Technology Act, 2014 and the Indian Institutes of Information Technology (Public-private Partnership) Act, 2017.
• The central government will contribute fifty percent towards the expenses of institutes functioning under the PPP mode. 35 per cent will be borne by the states and fifteen per cent by the industries.
• As a special impetus to north eastern states, central government will bear over fifty seven per cent of the expenses whereas industries will contribute around seven percent to the Institutes there.

Hence both statements are correct.