"The Central Government is carrying out reforms in higher education sector with main focus on strengthening the base for promoting innovation", said Union Human Resource Development (HRD) Minister, Prakash Javadekar at an ASSOCHAM event in Delhi. While inaugurating an ASSOCHAM higher Education Summit he said," Innovation is the real sustainable way for prosperity to grow, it adds value to products and services, and generates wealth, therefore we must innovate."
"Innovation needs to be promoted right from childhood. Inquisitiveness and curiosity must be promoted at the school level and that is what we are planning now to revamp the whole teacher education," he further added.
Stressing on Government Plans to promote the healthy competition in higher education sector he said," Henceforth, we will offer everything in a challenge mode. We are making 20 world class universities and they will be termed as institutes of national imminence and we will promote this in challenge mode."
Funds for promoting education will be granted solely on the basis of quality of education being imparted. The funds will not be allocated just like that. Last year the quality quotient was 10% and this year it has been increased to 25%, so the main focus this time is quality.
He said, "The Government has set up a Higher Education Finance Agency (HEFA) in collaboration with Canara Bank. We already have Rs 300 crore through budget, we will have Rs 1,000 crore through our budget and Rs 1,000 crore we will leverage through debt market to make it Rs 10,000 crore and that amount will be put to use in next three years in all top educational institutes where research infrastructure will be made more real and strong. That is my basic concern."