Finance Minister Arun Jaitley during the Union Budget 2016 sessions announced the creation of a Higher Education Financing Agency (HEFA) with an initial capital base of Rs 1,000 crore which will leverage funds from the market and work to create infrastructure in India's top institutions like the IITs.
In his budget speech, he also spoke about creating a regulatory architecture for 10 public and 10 private institutions to emerge as world-class teaching and research institutions.
The finance minister also announced the establishment of a Digital Depository for academic certificates and also opening of 62 Navodaya Vidyalayas.
Jaitley said that after universalisation of primary education throughout the country, the government wants to take the next big step forward by focusing on the quality of education.
An increasing share of allocation under Sarva Shiksha Abhiyan will be allocated for this, he said.
He also emphasised on government's commitment to empower higher educational institutions to help them become world class teaching and research institutions.
"An enabling regulatory architecture will be provided to 10 public and 10 private institutions to emerge as world-class Teaching and Research Institutions. This will enhance affordable access to high quality education for ordinary Indians. A detailed scheme will be formulated," he said.
Jaitley also announced the decision to set up a Higher Education Financing Agency (HEFA) with an initial capital base of Rs 1,000 crores.