IITs Current Affairs - 2019
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The Indian Institutes of Technology (IITs) will get largest chunk of loans on offer under Revitalising Infrastructure and Systems in Education (RISE), new funding model scheme for all centrally-run institutes. This shifts funding mechanism to CFIs in higher education from grant assistance to loans to assure more funds, greater accountability and timely completion of projects. Earlier, CFIs, on an average used to get fixed Budget grants of Rs 10,000 crore every year.
RISE scheme was announced in Union Budget 2017-18. It aims to lend low-cost funds to government higher educational institutions. Under it, all centrally-funded institutes (CFIs), including central universities, IITs, IIMs, NITs and IISERs can borrow from a Rs 1,00,000 crore corpus over next 4 years to expand and build new infrastructure. It will be financed via restructured Higher Education Financing Agency (HEFA), a non-banking financial company. Distribution of loans under RISE Scheme is as follows
With introduction of RISE, all financing for infrastructure development at CFIs in higher education will be done through HEFA, which was set up by government as a Section 8 company (a company with charitable objectives) in 2017 to mobilise funds from the market and offer 10-year loans to centrally-run institutes.
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.
Target: All infrastructure and research projects sanctioned by HEFA are to be completed by December 2022.
Fund Raising: HEFA will release money directly to vendors or contractors on certification by executing agency and educational institute. Loans taken from HEFA, under the RISE programme, will be paid back over 10 years. There will be different modes of loan repayment for different institutes, based on their internal revenue.
The Indian Institute of Technology, Madras (IITM) and Indian Army have signed a Memorandum of Understanding (MoU) to identify the critical technological areas that can be enhanced in the armed forces.
The MoU was signed by IITM Director Bhaskar Ramamurthi and Deputy Chief of Army Staff (P&S) Lt. Gen. Subrata Saha in Chennai, Tamil Nadu.
- The MoU will facilitate IITM to achieve a better understanding of the critical technology requirements of the Indian Army through seamless interaction between the Army officers and IITM faculty.
- Under it, Indian Army will sponsor four officers for doctoral programmes besides a five-day Technology Development Programme for 15 officers on a biannual basis.
- The IITM faculty will work closely with the Indian Army to identify areas where the institute can contribute positively to enhancing the capabilities.