Government today announced creation of a Higher Education Financing Agency (HEFA) with an initial capital base of Rs. 1,000 crore which will leverage funds from the market and work to create infrastructure in India’s top institutions like the IITs.
In his budget speech, Finance Minister Arun Jaitley also spoke about creating a regulatory architecture for ten public and ten private institutions to emerge as world-class teaching and research institutions. The finance minister also announced the establishment of a Digital Depository for academic certificates and also opening of 62 Navodaya Vidyalayas. Jaitley said that after universalisation of primary education throughout the country, the government wants to take the next big step forward by focusing on the quality of education.