London, Aug 18: Britain's world-famous University of Oxford is planning to set up a new college after a gap of nearly 30 years as part of his five-year growth strategy, according to a media report.

The university's five-year draft strategic plan contains proposals to build 1,000 graduate rooms and “at least one new graduate college”, The Daily Telegraph reported.

This would be the first new college since 1990 when the graduate-only Kellogg College was established. The plan to open the new college, which has been backed by the university's governing body, must now win the approval of the Oxford's dons and academics, the report said.

Under the draft strategic plan, the intake of post-graduate students would increase by 850 a year by 2023, while undergraduates would increase by 200 a year, it said.

"Oxford doesn't compare itself to other institutions in the UK, it compares itself to other institutions around the world such as Ivy League which have more graduates than undergraduates,” said Nick Hillman, director of the Higher Education Policy Institute.

The strategic plan also sets out a desire to “set ambitious targets” to “reduce by 2023 gaps in attainment by gender, ethnic origin and socio-economic background”.

It also wants to “substantially increase” the number of undergraduate places offered to students from groups who are currently under-represented. A spokesperson for Oxford University said the plans are under consultation. "The university will comment more fully when its plan has been widely reviewed and formally adopted," he said.