The government will soon set up a Higher Education Financing Agency (HEFA), that would provide the much needed funds to boost research oriented infrastructure for premiere institutions like IITs, NITs and IIMs. The Union Cabinet, chaired by Prime Minister Narendra Modi, gave its nod to a proposal of the HRD ministry for creation of HEFA on Monday. All the Centrally Funded Higher Educational Institutions would be eligible for joining as members of the HEFA. When asked how HEFA would raise funds, officials said that it could be through bond market by floating education bonds or through debt market. This secured future flows would be securitised by the HEFA for mobilising the funds from the market.

Source: dna September 12, 2016 10:36 UTC