The human resource development (HRD) ministry, now have to work on three key budget announcements — setting up 20 world-class universities, a higher education finance agency, and a digital academic repository. Ministry officials are directed from the top to deliver the announcements within a stipulated time frame.
The task will be completed on a priority basis and the project will be wrapped up in the next six months, well ahead of the next annual budget, according to two government officials who requested anonymity. Progress of the work is monitored on a fortnightly basis.
The ministry is readying to spend Rs.5,000 crore on creating 10 world-class universities at the government level,aid the first official.
The finance minister, Arun Jaitley, earlier spoke in his budget speech on 29 February, that the government will provide enabling regulatory architecture” to 10 private and 10 public institutions to emerge as world-class teaching and research institutions.
It was observed that India had been performing poorly in several global rankings of educational institutions.
According to an internal note of the HRD ministry, the University Grants Commission (UGC) will be required to make seperate regulations, which are applicable to a distinct category of educational institutions – “world class institutions”.
Along with existing government institutions,both green and brown field institutions in the private space can also apply to become world-class.
A draft expenditure finance committee note of the Higher Education Financing Agency (HEFA), which will be a quasi-sovereign body,has already been circulated among different ministries for their views. An initial amount of Rs. 1,000 crore is already allocated in the budget, for HEFA.