Govt to set up Rs 1,000 crore higher education financing agency

The government 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 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.

About HEFA

The HEFA will be a not-for-profit organisation that will leverage funds from the market and supplement them with donations and CSR funds.

These funds will be used to finance improvement in infrastructure in top institutions and will be serviced through internal accruals.

Current Affairs 29th February, 2016
Highlights of Union Budget 2016-17
Highlights of Railway Budget 2016

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