The Higher Education Funding Agency (HEFA) has approved projects worth ₹2,066.73 crore in six institutions with the aim of providing additional funds for research and related infrastructure. The decision was taken by HEFA at its second meeting on Wednesday (November 29).

IIT Bombay, Delhi, Madras, Kharagpur, Kanpur and NIT Suratkal are the six institutions for which the HEFA has approved the projects. The funds would be used to improve the research infrastructure in these institutions, which would help improve their standing at the global level.

Union Human Resource Development (HRD) Minister Prakash Javadekar said, “Today is a historic day for financing the needs and promotion of research and innovation beyond budgetary allocations”.

He added, “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”.

The agency has approved ₹1,028.73 crore for projects on research/academic facilities and ₹1,038 crore for other infrastructure supporting projects.

The institutions can avail of these funds in line with the progress of the projects. The funding under HEFA would be in addition to the grants being given to the institutions.

The intent to create HEFA was made in the Budget speech of 2016-17 which stated that, “We have decided to set up a Higher Education Financing Agency (HEFA) with an initial capital base of ₹1,000 crore. The HEFA will be a 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”.

On September 12, 2016, the Union Cabinet approved setting up HEFA.

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