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Devising a scheme for allocation of research grant is a challenging task. In this paper, we discuss how one can compute the research grant to be allocated to either a faculty member or a research student. Our scheme makes weighted incentives to compute the meritocratic portion of the research grant. The weights are computed using the number of earned points of a contender which are based on the impact factors of the journals where the research papers of the contender are published. Our scheme adopts an approach which is a combination of equitable and meritocratic schemes.