IITs, NIT to get projects of Rs 2000 Cr to improve research infrastructure

NewsBharati    30-Nov-2017
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New Delhi, November 30: The Higher Education Funding Agency (HEFA) has approved projects worth over 2,066 crore rupees for six higher educational institutions to improve the research infrastructure and further their standing at the global level.

These institutes are IITs Bombay, Delhi, Madras, Kharagpur, Kanpur and NIT Suratkal. The HEFA Board held its 2nd meeting yesterday and approved funds which will be in addition to the grants being given to these institutions.

 

As per the scheme, HEFA was born out of the vision of Prime Minister Narendra Modi for providing additional finance for promoting research in the higher educational institutions.

Expressing happiness over the approval, Human Resource Development Minister Prakash Javadekar said it is a historic day for financing the needs and promotion of research and innovation beyond budgetary allocations.

The Union Budget gives ample allocation and grants to Higher Education institutions but still there is a greater need. The vision of Prime Minister Narendra Modi and the resolve of Finance Minister Arun Jaitley have made possible the operationalisation of HEFA to extend funds beyond budgetary allocations.

These funds are in addition to the grants that Government gives to these institutions. As per the scheme, HEFA would mobilise Rs. 20,000 Cr through market borrowing and would release the same to the Government institution as interest- free loans.

HEFA research infrastructure Education IIT NIT educational institution Prakash Javadekar PM Modi