20000 Crore Alloted For R&D at IITs, IIMs and Other Higher Education
In a bid to boost innovation at premier institutions, an agency will soon be set by the government to provide funds up to Rs 20,000 crore for building research-oriented infrastructure at IITs, IIMs and other centres of higher education.
The HRD Ministrys proposal to this effect was cleared at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi today.
Announcing the decision, HRD Minister Prakash Javadekar said a Higher Education Financing Agency (HEFA) would be jointly promoted by an identified promoter and his ministry with an authorised capital of Rs 2,000 crore of which government equity would be Rs 1,000 crore.
The HEFA would be formed as a Special Project Vehicle (SPV) with a PSU Bank/Government-owned NBFC as promoter and it would leverage the equity to raise u...