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Central Government enhances funds for improving quality of Higher Education - (02 Aug 2018)

Education

In order to provide greater access to Higher Education with equity to all the eligible citizens and in particular to the vulnerable sections, Government has increased funding in higher education sector. The allocation of funds for Department of Higher Education has been steadily increasing every year with an increase from Rs. 26,855.26 crores in 2015-16 to Rs. 35,010.29 crores in 2018-2019. The central institutions of higher learning are currently dependent on Government budgetary support totally as they impart education with minimal fees. As the current funding may not be sufficient for the requirements of these institutions, an additional Government equity of Rs. 5,000 crores, apart from the existing Rs. 1,000 crores has been approved.

The Department of Higher Education, MHRD, is responsible for the development of the basic infrastructure of Higher Education sector, both in terms of policy and planning. Under a planned development process, the Department looks after expansion of access and qualitative improvement in the Higher Education, through world class Universities, Colleges and other Institutions. The Department aims to expand institutional base of Higher Education (including technical, professional and vocational education) by creating additional capacity in existing institutions, establishing new institutions and incentivizing State Governments and Non-Governmental Organizations/civil society.

Further, Higher Education Financing Agency (HEFA) has also been set up in September, 2016 to give a major push for creation of high quality infrastructure in premier educational institutions. The HEFA would be jointly promoted by the identified Promoter and the Ministry of Human Resource Development (MHRD). The total authorized equity capital of HEFA has been raised to Rs. 10,000 crores, with the facility to leverage additional resources from market, based on requirement.

Tags : FUNDS   HIGHER EDUCATION   INCREASE  

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