To encourage research in higher education institutions, the government will provide interest-free loans worth Rs 2,000 crore to six institutions, Human Resource Development Minister Prakash Javadekar announced on Wednesday.
Happy to inform that today the Higher Education Financing Agency (HEFA) board would be approving Rs 2,000 crore interest-free loans for six institutions towards research, academic, and infra projects, the minister said in a tweet.
The six institutions are IIT Kanpur, IIT Delhi, IIT Bombay, IIT Madras, IIT Kharagpur, and CSE, National Institute of Technology Karnataka, Surathkal. While Rs 1,028.73 crore has been sanctioned for research and academic facilities, Rs 1,038 crore has been approved for other supporting infrastructure in five IITs and one NIT, says a report by India Today. Moreover, an institution can claim 10 times the sum it escrows in the first year.
The report further adds:
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With inputs from IANS.
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