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Centre to create higher education financing agency with capital of Rs1000 Cr- 1-Mar-2016
New Delhi: Creation of a Higher Education Financing Agency (HEFA) to finance educational institutions to ensure 20 such places of learning emerge as world class and opening of 62 Navodaya Vidyalayas are among the announcements of the Union Budget 2016-17 presented.
The Union HRD Ministry also witnessed a sharp increase in its budgetary allocation.
The Department of School Education and Literacy has got an allocation of Rs 43,554 crore in the financial year 2016-17 as compared to Rs 42,186 crore as per the revised estimates for 2015-16.
The Department of Higher Education was allocated Rs 25,399 crore for the year 2015-16 while it Rs 28,840 crore for the year 2016-17.
In his budget speech, Finance Minister Arun Jaitley announced 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 IITs.
HEFA, Jaitley said, 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," he said.
Jaitley also spoke about creating a regulatory architecture for ten public and ten private institutions to emerge as world-class teaching and research institutions.
He 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.
"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.
The Finance Minister also proposed to establish a digital depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets on the pattern of a Securities Depository.
"This will help validate their authenticity, safe storage and easy retrieval," Jaitley said.
He also declared that 62 new Navodaya Vidyalayas will be opened in the remaining uncovered districts over the next two years.
Promoting entrepreneurship by increasing the turnover limit under Presumptive taxation scheme to Rs. 2 cr, targeting to disburse loans worth Rs. 1.8 lakh cr under PM Mudra Yojana and providing 100% deduction of profits for 3 out of 5 years for start-ups.
Education
(i) 62 new Navaodaya Vidyalayas to be opened in remaining uncovered districts in next two years.
(ii) An enabling regulatory architecture will be provided to 10 public and 10 private institutions to emerge as world class teaching and research institutions.
(iii) Higher Education Financing Agency will be set up with an initial capital base of Rs. 1,000 crore.
(iv) Digital Depository will be set up for educational certificates, mark-sheets, awards etc.
Skills
(i) 1500 Multi Skill Training Institutes will be set up under Pradhan Mantri Kaushal Vikas Yojana
(ii) National Board for Skill Development Certification will be set up in partnership with industry and academia.
(iii) Entrepreneurship education and training will be provided in 2200 colleges, 300 schools, 500 govt. it is and 50 vocational training centres through open online courses.
Job Creation
(i) Government of India will pay EPS contribution of 8.33% for all new employees enrolling in EPFO for the first three years of employment. Applicable to those with salaries of Rs. 15,000 per month
(ii) Section 80 JJAA of Income Tax Act being amended to broaden the scope of employment generation incentives.
(iii) Interlinking of State Employment Exchanges with National Career Service Platform.
(iv) Small and medium shops to be permitted to remain open all 7 days a week on voluntary basis. New jobs in retail sector.
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