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Cabinet Committee on Economic Affairs (CCEA) approved fund of Rs. 1 lakh crore for higher education development. The decision is taken in order to expand the central universities which have fewer resources.
The Cabinet Committee has approved the proposal for expanding Higher Education Financing Agency (HEFA). The committee increased its capital base price to Rs. 10,000 crore and mobilize Rs 1,00,000 crore till 2022 to meet the infrastructural demand of the institutions.
Cabinet approves proposal for expanding the scope of Higher Education Financing Agency by expanding its capital base to Rs. 10,000 Cr and tasking it to mobilise Rs. 1,00,000 crore for #RISE by 2022.#CabinetDecisions pic.twitter.com/y8ERuavynd— PIB India (@PIB_India) July 4, 2018
The methods for raising money from the market will be through commercial borrowings and government guaranteed bonds. The decisions will be taken after consulting the Department of Economic Affairs in order to mobilize the funds at low cost.
In the meeting that took place on Wednesday, the Union Cabinet also approved the transfer of defence lands to Kendriya Vidyalaya Sangathan in cantonment areas of Delhi, Jalandhar and Udhampur.
The Union Cabinet approved the transfer of 4 acres of defense land from Delhi for the construction of Kendriya Vidyalaya No. 4 at Kandahar Lines, Delhi Cantonment, 7.118 acres land to construct Kendriya Vidyalaya Number 2 Dhar Road in District Udhampur, Jammu & Kashmir and 7.5 acres land to construct Kendriya Vidyalaya No. 4 in Survey No. 408, Jalandhar Cantt. at a nominal rent of Re 1 per annum.