Government has ‘usurped’ UGC’s autonomy by curbing financial powers
- July 26, 2024
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Government has ‘usurped’ UGC’s autonomy by curbing financial powers
Subject: Polity
Sec: National Body
Context:
Narendra Modi government for interfering with the autonomy of the University Grants Commission (UGC) by “usurping” its power to sanction funds for higher education.
More on News:
- UGC’s functioning of ‘Granting’ funds has been usurped by Higher Education Financing Agency (HEFA) — a venture between Canara Bank and the Ministry of Education.
- This will not only compel colleges and universities to introduce more self-financing courses but also increase the financial woes of SC, ST, OBC and EWS students.
- The budget for higher education has been slashed by ₹9,600 crore. Similarly, the budget for IITs and IIMs have been cut for the second consecutive year.
- The UGC is a statutory body, and was supposed to be the only grant-giving agency in the country, but has snatched its power, thereby trampling upon its autonomy!
University Grants Commission (UGC):
- Founder: Maulana Azad
- Headquarters: New Delhi
- University Grants Commission is a statutory body under Department of Higher Education, Ministry of Education, Government of India.
- It was set up in accordance to the UGC Act 1956.
- It has six regional centre in Pune, Bhopal, Kolkata, Hyderabad, Guwahati and Bangalore.
- A proposal to replace it with another new regulatory body called HECI is under consideration by the Government of India.
- The UGC provides doctoral scholarships to all those who clear JRF in the National Eligibility Test.
Higher Education Financing Agency (HEFA):
- HEFA was founded in May 2017, and is a joint venture between the Union Ministry of Education and Canara Bank, with agreed-upon equity participation in the ratios of 91% and 09.09%, respectively.
- As a non-deposit-taking NBFC and as a Union Government entity. Under the Companies Act of 2013, HEFA is registered with the RBI
Vision:
- To enable India’s premier educational institutions to excel and reach the top in global rankings by financing building world class infrastructure including R&D Infra.
Responsibilities:
- To finance the demand, it will mobilise market resources in the form of equity from people and corporations, as well as the issuing of bonds.
- It offers financial help for the development of educational facilities and research and development in India’s best educational institutions.
- Encourages scientific and technical advancements by providing funding for R&D facilities to perform high-quality research.
- Channel corporate social responsibility (CSR) contributions and donations for different initiatives aimed at improving higher education.