No Grant-in-Aid; IITs, NITs, IIMs to get loans from HEFA
Abhay Anand | March 6, 2018 | 08:19 PM IST
NEW DELHI, MARCH 6: The Centrally funded institutions (CFI) including the IITs will not be getting any funding under the grant-in-aid for new infrastructure work, they will need to finance these projects through loans taken from the Higher Education Funding Agency (HEFA).
Prof Devang V Khakhar, Director IIT, Bombay speaking to Careers360 said, “There is no confusion related to funding, as far as the grant-in-aid is concerned it will be funded through HEFA, as per the announcement made in the Budget”.
Prof Khakhar spoke after a meeting of IIT, NIT, IISER Directors at the Rashtrapati Bhavan held today, in which new financial scheme was also discussed.
The Union Government in the Budget 2018 launched a new financial scheme, Revitalising Infrastructure and Systems in Education (RISE) to fund the CFIs. The CFI’s include institutions like the IITs, NITs, IIMs, Central Universities.
The new scheme raised concern among these institutions as it was being viewed as a move to curtail funding of these publicly funded institutions, thereby affecting their financial condition.
The RISE Shift
Reportedly, the shift in funding mechanism of Centrally funded higher education institutions from grant assistance to loans through HEFA has been done to provide more funds, better accountability and timely completion of projects. Earlier, CFIs, on an average used to get fixed grants under the Budget of Rs 10,000 crore annually.
Follow us for the latest education news on colleges and universities, admission, courses, exams, research, education policies, study abroad and more..
To get in touch, write to us at news@careers360.com.
Featured News
]- CBSE-transition deferred based on feedback, mass failure in test: Andhra Pradesh Government
- Mothers cook, doctors are male: Southern textbooks more sexist than NCERT, ‘Hindi-belt’ ones, says study
- No full-time Delhi DoE director since last year, educational reforms, teachers’ transfers stalled
- NMC revises CBME guidelines for MBBS curriculum; drops reference to gay sex as ‘unnatural’
- AIIMS Gorakhpur Controversy: Head of surgery accuses executive director of forging son’s OBC certificate
- IIT Guwahati student death: Dean resigns; admin allows failed students to join placements, internships
- 75% attendance rule, backlogs reasons for IIT Guwahati student death, classmates call out instructor
- NLU Delhi scraps mid-semester exams after student’s suicide on campus
- Why NMC derecognised CPS Mumbai courses and then restored recognition
- CAT 2024: Older IIMs attract more students with work experience; engineers’ count falls