Active Stocks
Tue Mar 19 2024 14:41:10
  1. Tata Consultancy Services share price
  2. 3,987.05 -3.80%
  1. Tata Steel share price
  2. 149.80 0.13%
  1. Bharti Airtel share price
  2. 1,235.50 0.85%
  1. Power Grid Corporation Of India share price
  2. 260.60 -1.66%
  1. ITC share price
  2. 410.00 -1.77%
Business News/ Education / News/  Higher education in India gets a 8,000 crore boost
BackBack

Higher education in India gets a ₹8,000 crore boost

The Union cabinet has increased Higher Education Financing Agency (HEFA)'s capital base to ₹10,000 crore from ₹ 2,000 crore

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HTPremium
Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HT

New Delhi: To increase investment in higher educational institutions, the Union Cabinet today approved a proposal for expanding the scope of Higher Education Financing Agency (HEFA) by expanding its capital base to 10,000 crore and tasking it to mobilise 1 trillion by 2022.

Briefing reporters after the Cabinet meeting chaired by Prime Minister Narendra Modi, Union minister Ravi Shankar Prasad said the government wants to increase investments in higher education, for which an announcement was made in the last budget and HEFA was established.

“At that time its authorised capital was 2,000 crore and now it has been increased to 10,000 crore," Prasad said, adding that earlier central government universities and other new varsities didn’t get advantage of HEFA but in today’s cabinet meeting, it was decided that they can utilise this fund.

In his Union Budget 2018, the then finance minister Arun Jaitley had announced a new initiative of the government—‘‘Revitalising Infrastructure and Systems in Education (RISE)"—to step up investments in research and related infrastructure in premier educational institutions, including health institutions. HEFA, a joint venture company of Canara Bank and Ministry of Human Resource Development which provides financial assistance for creation of educational infrastructure and R&D in India’s premier higher educational Institutions, was tasked to fund this initiative.

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is 1.38 trillion against estimated expenditure of 1.22 trillion in 2017-18.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Education News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 04 Jul 2018, 03:20 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App