IITs, NIT get Rs 2,066 crore from Higher Education Funding Agency

The newly formed Higher Education Funding Agency on Wednesday approved interest-free loans of more than Rs 2,000 crore for five IIT and NIT in Karnataka to boost research and academic centres.

Published: 30th November 2017 10:07 AM  |   Last Updated: 30th November 2017 10:07 AM   |  A+A-

By Express News Service

NEW DELHI: The newly formed Higher Education Funding Agency on Wednesday approved interest-free loans of more than Rs 2,000 crore for five Indian Institutes of Technology and a National Institute of Technology in Karnataka to boost research and academic centres and related infrastructure.

The Agency was set up last year to provide financial assistance to institutes of higher education in addition to the grants given by the Union Ministry of Human Resources Development, and this is the first series of loans approved by the agency.

Government sources said that in this round, the IITs in Mumbai, Delhi, Chennai, Kharagpur and Kanpur, and NIT Surathkal were being aided with a total of Rs 2,066 crore.

Of the total amount, 50 per cent has been granted for projects related to research and academic facilities, while the rest has been approved for related infrastructure.

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