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Govt to create higher education finance authority with a corpus of 1000 Crore

In the Budget 2016, the government has planned to establish 62 new Navodaya Vidyalayas within a period of two years. Stress on Sarva Shiksha Abhiyan to increase focus on quality of education.

It has also planned to establish Regulatory architecture to be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions.

It has also proposed to have Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets to be set-up.

Arun Jaitley said the agenda for the next year will be to ‘Transform India’ in this direction. He highlighted that the budget proposals are built on this transformative agenda with nine distinct pillars which include: agriculture and farmers’ welfare; rural sector; social sector including healthcare; education, skills and job creation; infrastructure and investment; financial sector reforms; governance and ease of doing business; fiscal discipline and tax reforms.

Jaitley said, “After universalisation of primary education throughout the country, we want to take the next big step forward by focusing on the quality of education. An increasing share of allocation under Sarva Shiksha Abhiyan will be allocated for this. Further, 62 new Navodaya Vidyalayas will be opened in the remaining uncovered districts over the next two years.”

“It is our commitment to empower Higher Educational Institutions to help them become world class teaching and research institutions. An enabling regulatory architecture will be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions. This will enhance affordable access to high quality education for ordinary Indians. A detailed scheme will be formulated,” he added.

The HEFA will be a 12 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 our top institutions and will be serviced through internal accruals.

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