Updated By: LatestGKGS Desk
RISE Scheme: IITs allocated with maximum 25% of Government Loans
RISE Scheme: IITs allocated with maximum 25% of Government Loans- Details. Features
The Indian Institutes of Technology (IITs) allocated with the maximum 25% of loans on offer under the new funding model scheme-Revitalising Infrastructure and Systems in Education (RISE).
RISE scheme was introduced in the Union Budget 2018-19. It aims to lend low-cost funds to government higher educational institutions.
Under RISE scheme, all centrally funded institutes (CFIs), including central universities, IITs, IIMs, NITs and IISERs can borrow from a Rs 1,00,000 crore corpus over next 4 years to expand and build new infrastructure system.
Under RISE scheme, all financing for infrastructure development at CFIs will be done through the Higher Education Funding Agency (HEFA), which was set up by the government as a Section 8 company in the year 2017 in order to mobilise funds from the market and offer 10-year loans to centrally-run institutes.
Under RISE scheme, a share of Rs 25,000 crore will be allocated mostly for the 23 IITs. The second largest share, Rs 20,000 crore, will be assigned to central universities. Whereas the National Institutes of Technology (NITs) can borrow up to Rs 11,300 crore, the new IIMs will get Rs 4,500 crore, and Five IISERs with Rs 5,000 crore.
As per the report, apart from loans, about Rs 9,000 crore will also be available for building robust research ecosystems, such as- world-class laboratories in CFIs.
