Agency to fund higher education set to take off

The Higher Education Financing Agency is set to take off soon, with the Ministry of Human Resource Development asking centrally funded higher education institutions to send in their project proposals to be considered for financing by the agency, writes Vikas Pathak for The Hindu.

As per the funding mechanism, an institution can claim 10 times the sum it escrows in the first year. Funding from the agency is expected to boost infrastructure, especially state-of-the-art laboratories, in key institutions such as the Indian Institutes of Technology, the Indian Institutes of Management, and the Indian Institutes of Information Technology.

“We have sent letters to all institutions, asking them for proposals. The Higher Education Financing Agency board will then assess and approve them. The board may meet as early as three weeks from now if we get proposals promptly,” a ministry official said.
Full report on The Hindu site