The correct option is C institute
The word that could replace the italicized word in both the sentences is option C 'Institute'. Institute means to establish. Institute also means to start a system or rule to exist. The context of the first sentence is that government has decided to begin new series of lectures. The second sentence means that decision of establishing new university was welcomed by people. Option A 'manage' means to govern or direct. Option B 'organise' means. arrange systematically. Option D 'build' means to construct or assemble. Option E 'plan' means. Thus, the best fit for both the sentences is Option C 'institute'.