homeeconomy NewsBudget 2019: Govt used 12 percent of total funds allocated to higher education last year

Budget 2019: Govt used 12 percent of total funds allocated to higher education last year

Budget 2019: Govt used 12 percent of total funds allocated to higher education last year
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By CNBC-TV18 Feb 2, 2019 11:24:17 AM IST (Published)

HEFA has so far approved proposals worth of Rs 24,430.25 crore and out of the said amount, Rs 12,307.76 crore was sanctioned in the first here, the budget speech document read.  

The education sector has seen a slow-to-stagnant growth last year, with the government allocating about Rs 1 lakh crore for higher education financing in 2018-19 for the next fourt year and spending as little as 12.5 percent in the first year only, according to the Union Budget 2019 document.

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HEFA has so far approved proposals worth of Rs 24,430.25 crore and out of the said amount, Rs 12,307.76 crore was sanctioned in the first year, the budget speech document read.
Interim finance minister Piyush Goyal on Friday presented the last and sixth budget of the Narendra Modi-led government, which by many was considered as a ‘people’s budget’ with tax rebate for the salaried class, farmers package and minimum pension plan for the unorganised sector.
The government have allocated Rs 608.87 crore for research and innovation in the Budget 2019-20, a massive increase from previous allocation of Rs 350.23 crore.
Apart from the fund allocation, the finance minister also put forth a proposal to set up two new full-fledged Schools of Planning and Architecture (SPA), to be selected on challenge mode. Additionally, 18 new SPAs would be established in the IITs and NITs as autonomous schools, also on challenge mode.
“The proposal for setting up SPAs have been appraised by the Expenditure Finance Committee. Directors of IITs/NITs and chief secretaries of States/UTs have been requested to submit proposals,” the minister added.
During the budget speech, the finance minister also announced that the government would launch the ‘Prime Minister’s Research Fellows (PMRF) Scheme’ this year, which would help identify 1,000 best B.Tech students each year from premier institutions and provide them facilities to do Ph.D in IITs and IISc, with a handsome fellowship.
The scheme, approved a year ago, would cost the government about Rs 1,650 crore for a period of seven years beginning 2018-19. About 119 fellows were admitted in the first batch out of the 1,887 applications received.
The revised guidelines for making the scheme open to all recognised institutions have been issued and will take effect from the May 2019 admissions, the finance minister said, adding that the Indian Institutes of Science Education and Research (IISERs) have been included as the host institution.
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