HEFA approves projects of Rs. 2,066 Crore to six IITs

HEFA1111111By Accommodation Times Bureau

For providing additional funds for research and related infrastructure, Higher Education Funding Agency (HEFA), has started its operations. The HEFA Board had held its 2nd meeting today and approved projects for Rs. 2,066.73 Cr for six institutions – IITs Bombay, Delhi, Madras, Kharagpur, Kanpur and NIT Suratkal. These funds would be used to improve the research infrastructure in these institutions to further improve their standing at the global level.

The HEFA Board approved projects for Rs. 2,066.73 Cr for six institutions as per the details below:

    Number of projects  Project cost (Rs Cr)   % of total
 Projects for Research/academic facilities 16 1028.73 50%
Projects for other supporting infrastructure 11 1038.00 50%
Total 27 2066.73

These institutions can avail of these funds as per the progress of the project and complete them. The funding under HEFA would be in addition to the grants being given to these institutions.

Expressing happiness over the approval of interest-free loans by HEFA Board, Union HRD Minister Shri Prakash Javadekar said that today is a historic day for financing the needs and promotion of research and innovation beyond budgetary allocations. The Union Budget gives ample allocation and grants to Higher Education institutions but still there is a greater need. The vision of Prime Minister Narendra Modi and the resolve of Finance Minister Arun Jaitley has made possible the operationalisation of HEFA to extend funds beyond budgetary allocations.

These funds are in addition to the grants that Government gives to these institutions. As per the scheme, HEFA would mobilise Rs. 20,000 Cr through market borrowing and would release the same to the Government institution as interest- free loans.

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