Revitalising Infrastructure and Systems in Education (RISE) Scheme by 2022
Features of the Scheme
- This scheme was Launched in 2018.
- This scheme was implemented under the ministry of ‘Ministry of Human Resources Development.’
- Under the scheme, the government will provide low-cost funds (loans) to all government higher educational institutions.
- Institutions can take the loan to expand and build new infrastructure.
- It was launched in the country with a total investment of Rs 1 lakh crore in the next four years.
- Indian Institutes of Technology (IITs) will get the largest part of loans (25%) on offer under RISE Scheme.
FEATURES OF THE SCHEME
(1) Covered Institutions: This scheme will cover all Centrally-Funded Institutes (CFIs) including-
(2) Financing Agency: It will be financed via a restructured “Higher Education Financing Agency (HEFA) that has been constituted as a non-bank finance company.
* HEFA is a Non-Banking Financial Corporation that is tasked to raise money from the market to fund education infrastructure and research requirements of state-funded educational institutions.
(3) Equity Share: In order to mobilise funds Rs. 1 lakh crore corpus under RISE, HEFA will need equity of Rs 10,000 crore, of which Rs 8,500 crore will be provided government and remaining by Canara Bank, which partnered with government to set up HEFA, and other corporations.
(4) Tenure to repay the loan:
- Under RISE Scheme, all the CFIs will have to repay the borrowed amount (loans) in a time frame of over 10 years.
- There will be different modes of loan repayment for different institutes, based on their internal revenue.
(5) Target: All infrastructure and research projects sanctioned by HEFA are to be completed by December 2022.