Higher education institutes, schools to get more funds for research, infra; Rs. 1 lakh-cr fund gets Cabinet nod

HEFA
HEFA

The Union Cabinet has approved Higher Education Funding Agency (HEFA) to mobilise Rs. 1,00,000 crore for research and academic infrastructure for higher education institutions by 2022. In a boost to higher education, HEFA this year has added Rs. 22,000 crore. Union HRD Minister Prakash Javadekar said the funds for higher education has increased by 133 percent compared to 2013-14.

Besides institutes of national importance such as IITs, NITs, IISERs and other central universities and medical colleges, for the first time schools like Kendriya Vidyalaya Sangathan (KVs)/Navodaya Vidyalaya Samiti (NVs) will also get funding from HEFA. The government will make repayment with no burden on students or their parents, the minister said on his Twitter handle. This will help build speedier infrastructure of new KVs and NVs.

It will be additional finance over and above the budgetary allocation, he said.

“Landmark decision of Union Cabinet today approves #HEFA (Higher Education Funding Agency ) to mobilise Rs. 1,00,000 Cr for research & academic infrastructure for #HE institutions by 2022,” Javadekar twitted.

“The best of best students go abroad because of good research labs, faculty and fellowship. @narendramodi govt will provide all the three in India. Already through #HEFA Govt is fast-tracking upgradation of research infrastructure.
#TransformingEducation #NewIndia #IT4HRD (3/10),” the minister earlier said.

What is Higher Education Financing Agency (HEFA)?

Higher Education Financing Agency (HEFA) is a joint venture between Union MHRD Ministry and Canara Bank for financing capital assets in higher education institutions in India.

HEFA was formed with the objective of developing India’s top ranked institutions like IIT’s, IIIT’s, NIT’s, IISC’s into globally top ranking institutions through financial capital expenditure. It finances the educational infrastructure, particularly research and development (R&D) infrastructure and thereby enabling the institutions to reach top rankings globally.

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