New Delhi: 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 Ministry’s proposal to this effect was cleared at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi on Monday.
Human Resource Development Minister Prakash Javadekar said a Higher Education Financing Agency would be promoted by an identified promoter and his ministry with an authorised capital of Rs 2,000 crore. The HEFA would be formed as a Special Project Vehicle and it would leverage the equity to raise up to Rs 20,000 crore for funding infrastructure projects, Mr Javadekar said.
