The funds worth Rs 1,00,000 crore will be mobilised in education sector by 2022. The capital base of Higher Education Financing Agency (HEFA) is expanded to Rs 10,000 crore. To build the infrastructure, Rs 22,000 crore would be mobilised in the current year itself. The increase of allocation for education sector from Rs 65,867 crore in 2013-14 to Rs 1,10,000 crore in 2018-19 (67% increase) is without any raise in fee.
The funds will be used to build laboratories and increase research facilities. The move is aimed at retain Indian talent in the country. To get funding under HEFA, the central universities started prior to 2014 will have to repay 10% of the principal portion. The technical institutes operating for over 10 years will have to repay the entire budgetary resource. However, private institutes will not have any such compulsion. Institutes established after 2014 will be provided with complete servicing of loan including the principal and interest. For grant-in-aid institutions of Ministry of Health including the newly set up AIIMSs, KVs and NVs the respective ministries will give complete servicing of the principal and interest.
Technical institutions started between 2008 and 2014 will repay 25% of the principal amount. Technical institutes running for over 10 years will have to repay the entire -principal amount.
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