The amount issued to educational institutions under the Government of India's Revitalising Infrastructure and Systems in Education (RISE) is less than the sanctioned amount, according to data released by the Union Education Ministry. According to official figures, the centre has sanctioned a loan of Rs 33,926.84 crore to as many as 100 educational institutions across 27 states and union territories (UTs), out of which, an amount of Rs 14,675.06 crore has been made available for use. The information was shared by the ministry in the Lok Sabha on Monday.
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As per the data, the government has sanctioned significant amounts of money to institutions in states such as Andhra Pradesh, Uttar Pradesh, Maharashtra, Jammu and Kashmir, and New Delhi since 2018, but the amount released has been less than half.
Other major states, including Karnataka, Madhya Pradesh, and West Bengal, saw funds released that were far below the sanctioned budgets. The Centre sanctioned Rs 1,500 crore for infrastructure development in four educational institutions in Karnataka but only released Rs 342 crore. In Madhya Pradesh, Rs 1,170 crores were sanctioned for six institutions, but only Rs 459 crores were released for use. It was Rs 715 in West Bengal, compared to the sanctioned amount of Rs 1,189 crore.
The RISE scheme was launched by the suitably structuring of the Higher Education Financing Agency (HEFA). The scheme is applicable for eligible Centrally Funded Higher Education Institutions (CFHEIs). Projects sanctioned under HEFA include academic building, hostel, research lab and equipment, the ministry informed.