Revitalising Infrastructure and Systems in Education (RISE) Scheme by 2022
Features of the Scheme
- This scheme was Launched in 2018
- 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) 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.
(4) Target: All infrastructure and research projects sanctioned by HEFA are to be completed by December 2022.