Britain will continue giving India £280 million a year in financial aid until 2015, the Department for International Development has told ITV News.
After the aid grants have been phased out, Britain will provide "technical assistance" to the country, which will cost around £30 million a year.
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The annual event has earned a place in the record books ahead of the grand final of the 60th anniversary show in Austria this evening.
Local authorities said the move is necessary to "avert the growing number of deaths and increasing harm linked to psychoactive substances".
Some students argued that the centuries-old tradition of wearing gowns, suits and mortarboards to exams was 'archaic' and looked elitist.