Revitalizing Infrastructure And Systems In Education scheme(RISE scheme)
The RISE (Revitalizing Infrastructure and Systems in Education) scheme has been announced by the present government of the Center in the budget 2018-19 for improving the structure of the country’s higher educational institutions such as IIT, IIM, NIT. It has been targeted to invest Rs 1 lakh crore in the next four years to run this scheme.
Under this scheme, funding has been planned under the Higher Education Funding Agency to improve the infrastructure of 23 IITs, 6 new IIMs, Central University and NITs.
Purpose of RISE scheme :
The RISE scheme has been announced by the government with an aim to improve the quality and infrastructure of higher educational institutions and to provide world-class teaching techniques to the students of the country. Under this scheme a project has been made to provide finance under HEFA (Higher Education Funding Agency) to improve the infrastructure of higher educational institutions of the country, IITs, IIMs, NITs, IISERs and Central Universities.
Apart from this, a railway university will be set up in the Gujarat city of Vadodara under this scheme. In the country, 17 new IITs and NITs and two institutes for school of planning and architects have been announced.
Digital boards will be installed in schools to improve the quality of education from government schools pre nursery to class 12th. And arrangements will be made to train 13 lakh untrained teachers. For this, training has been announced by the government in the budget of 2018-19 under the Revitalizing Infrastructure and Systems in Education (RISE) scheme for teachers through Integrated BEd Program.
What is Higher Education Funding Agency:
HEFA is a government non-profit agency. This agency was formed in 2016-17 under the Companies Act. It is a non-banking finance company. Which is funded by the company Social Responsibility (CSR) and the government.
The Higher Education Funding Agency has been set up to fund government educational institutions. Under the RISE scheme, arrangements will be made by the Higher Education Funding Agency to provide finance to improve the infrastructure of government higher educational institutions. This agency has a provision to provide loans to all central educational institutions for a period of 10 years.
What is Higher Education Funding Agency?
HEFA is a government non-profit agency. This agency was formed in 2016-17 under the Companies Act. It is a non-banking finance company. Which is funded by the company Social Responsibility (CSR) and the government.
The Higher Education Funding Agency has been set up to fund government educational institutions. Under the RISE scheme, arrangements will be made by the Higher Education Funding Agency to provide finance to improve the infrastructure of government higher educational institutions. This agency has a provision to provide loans to all central educational institutions for a period of 10 years.
Procedure for refund of loans to institutions under the RISE scheme:
- Since 2014, the university will have to repay 10% of the principal of the loan. While the central government will pay 90% of the principal and interest.
- Those technical universities which have come into operation between the year 2008-2014 will have to repay 25% of the principal of the loan received. While the central government will repay the principal and interest at 75% of the loan.
- IITs and IIMs more than 10 years old will have to repay the principal of the loan obtained. Whereas the Central Government will pay interest only.
Target of the RISE scheme :
- Under the Revitalizing Infrastructure and Systems in Education scheme, the target of completing the infrastructure development work of all the institutions by the year 2022 has been set.
- It will be mandatory for all the institutions availing this scheme to repay the loan to HEFA within 10 years.
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