NEW DELHI: The Centre is eyeing a major push to improve the infrastructure at higher education institutions across the country. Union Human Resource Development Minister Prakash Javadekar has said the Higher Education Funding Agency (HEFA) would make Rs 1 lakh crore available to institutions over the next four years for infrastructure upgrades.
The availability of funds would be implemented under the Centre’s goal to plug infrastructural holes and improve systems in the higher education sector by 2022, Javadekar said. The funding that HEFA is meant to facilitate for higher education institutions would be over and above their budgetary allocations.
The Narendra Modi government had announced the establishment of HEFA in the 2016-17 Union Budget. The goal of the agency is to function as a not-for-profit body that would leverage funds from the market and supplement them with donations and CSR funds. HEFA would make these funds available to institutions as interest-free loans. It has been recognised as a non-banking financial institution (NBFC) by the Reserve Bank of India.