Budget Allocation for Higher Education Financing Agency: Union Budget 2016

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Budget 2016

The recent budget allocation for 2016 created a new 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 India’s top institutions like the IITs. This allocation would provide a major boost to the higher education sector of the country as the fund allotted would be utilized in crucial areas for infrastructural purposes. Arun Jaitley, in his Lok Sabha speech about the budget spoke about creating a regulatory architecture for ten public and ten private institutions to emerge as the world-class teaching and research institutions.

Jaitley mentioned the establishment of a Digital Depository for academic certificates and also the opening of 62 Navodaya Vidyalayas. After the country has achieved universalization of primary education, the next big step should be focusing on the quality of education. For this, an increasing share of allocation under Sarva Shiksha Abhiyan will be allocated. These strategies would further improve the state of present higher education in the country as well as create resources for further development.

Arun Jaitley mentioned that the government’s commitment would empower higher educational institutions to help them become world class teaching and research institutions. He stated, “An enabling regulatory architecture will be provided to 10 public and 10 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 clarified that HEFA would be a not-for-profit organisation that will leverage funds from the market and supplement them with donations and CSR funds. The allotted funds will be used to finance improvement in infrastructure in our top institutions and will be serviced through internal accruals. These changed higher education budget allocation policies are sure to bring improvements.

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