MANGALURU: The Central Government is carrying out reforms in higher education sector with main focus on strengthening the base for promoting innovation, Union Human Resource Development (HRD) Minister, Prakash Javadekar said at an ASSOCHAM event in New Delhi.
"Innovation is the real sustainable way for prosperity to grow, it adds value to products and services, and generates wealth, therefore we must innovate," said Javadekar while inaugurating an ASSOCHAM Higher Education Summit.
"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," said Javadekar adding that challenging the status quo is key to innovation.
He stressed on the Government's plans to promote healthy competition in higher education sector. "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 allocated in the budget for promoting the education sector across states will only be granted on the basis of quality of education being imparted. "The funds will not be allocated just like that. In the last year the quality quotient in the budget was 10%, while this year we have increased it to 25%, so our main focus is on quality."
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 infrastrcuture will be made more real and strong. That is my basic concern, he said.