RISE Scheme – The Central Government of India is considering to launch the RISE Scheme for Infrastructure development in the education sector. Under this scheme, the Central Government will provide low-cost funds to all government higher educational institutions for the promotion of the higher education in schools. This RISE Scheme will cover all centrally-funded institutes (CFIs). Besides this, the central government has announced the launching of this scheme in the Union Budget 2018-19. Under this scheme, a total investment of 1 lakh crore in the upcoming 4 years.
The full form of RISE Scheme is Revitalising of Infrastructure and Systems in Education. The Central Government will revitalize infrastructure, open new schools for Scheduled Tribe (ST) candidates under this scheme. Besides this, the Central Government will also promote programmes for teachers. The main motive of the state government behind the launching this scheme is to improve quality of education for students.
Restructured Higher Education Financing Agency (HEFA) which is a non-banking financial company is given the responsibility to implement this RISE Scheme.
Loan Distribution Under RISE Scheme
HEFA will allocate and distribute the loans to CFIs under new funding model scheme for all centrally-run institutes as per the following criteria:-
|List of Institutes||HEFA Loan on Offer from FY 2018-2022|
|IITs||Rs. 25,000 crore|
|Central Universities||Rs. 20,000 crore|
|NITs||Rs. 11,300 crore|
|Institute of Eminence||Rs. 10,000 crore|
|IISERs||Rs. 5,000 crore|
|IIMs (6 newly opened)||Rs. 4,500 crore|
|IITs (set up in PPP Mode)||Rs. 3,000 crore|
|IITs (govt.)||Rs. 2,000 crore|
|Language Institutes||Rs. 1,000 crore|
|Other Centrally Funded Institutions||Rs. 1700 crore|
|Schools of Planning and Architecture||Rs. 1500 crore|
|New Institutes (Unforeseen)||Rs. 6000 crore|
|Research Promotion||Rs. 9000 crore|
|Total||Rs. 1,00,000 crore|
Equity Share Under RISE Scheme
Funds to raise Rs. Under the RISE, the structure of Rs. 1 lakh crore, HEFA will require an equity of Rs. 10,000 crores, out of which Rs. 8,500 crores will be provided to the government and the rest of Canara Bank, which has a partnership with the government to establish HEFA and other corporations.
Objectives of RISE Scheme
All the infrastructure and research projects approved by the HEFA will be completed by December 2022.
Fund Rising Under RISE Scheme
By issuing the HEFA Agency and Educational Institute, the seller or contractors will issue direct money on the certification. Loans taken from HEFA under the RISE program will be paid over 10 years. There will be different ways of repaying the loan for different institutions based on their internal revenues.