IITs Current Affairs - 2020

NIRF Ranking

On June 11, 2020, the Ministry of Human Resource Development released National Institutional Ranking Framework (NIRF) for the educational institutions in the country.

Key Highlights

The IIT Madras topped the list followed by IISc Bangalore. The third place was secured by IIT Delhi. The other institutes that were in the top 100 were IIT Bombay at fourth place, followed by IIT Kharagpur, IIT Kanpur, IIT Guwahati, etc.

About NIRF

The NIRF ranking system was launched in 2015. The first NIRF ranking was released in 2016. The NIRF ranks institutions in 10 categories namely engineering, university, management, college, medical, pharmacy, law, dental and architecture.

Significance

The NIRF ranking promotes competition among the educational institutions  all over the country. The rankings have great importance as the performance of the institutions have been linked to “Institution of Eminence” scheme

Institution of Eminence

The scheme is operated by the Ministry of HRD. IT aims to project Indian institutes to global recognition.

RISE Scheme: IITs set to get 25% of Government loans for higher education institutes

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

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

Key Facts

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.