With the budget season around, creation of a Higher
Education Financing Agency (HEFA) with an initial capital base of Rs 1,000
crore was announced by the government on Monday. It will leverage funds from
the market and endeavour to build infrastructure in India's top institutions like
the IITs.
Finance minister, Arun Jaitley spoke that in order to ensure that institutions emerge as world-class teaching and research institutions, they will create a regulatory architecture for ten public and ten private institutions.
Opening of 62 Navodaya Vidyalayas and establishment of a Digital Depository for academic certificates was also announced by him.
According to Jaitley, next big step of government (after universalisation of primary education) is to focus on the quality of education.
To achieve this objective, an increasing share of allocation under Sarva Shiksha Abhiyan will be allocated, he confirmed.
Government is committed towards empowering higher educational institutions to help them become world class teaching and research institutions.
He further said that providing regulatory architecture to 10 public and 10 private institutions to emerge as world-class Teaching and Research Institutions will make education affordable to ordinary Indians. For this, detailed plan will be formulated.
He announced setting up a Higher Education Financing Agency (HEFA) with an initial capital base of Rs 1,000 crores.
He explained how HEFA will work. It's a not-for-profit organisation that will leverage funds from the market and supplement them with donations and CSR funds. These funds will be used to finance improvement in infrastructure in top institutions and will be funded through internal accruals.
Just like a Securities Depository, he announced to establish a Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets. This is to ensure authenticity, storage and easy retrieval.
Also, the 62 new Navodaya Vidyalayas will be opened in the remaining uncovered districts over the next two years.