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Odisha Chief Minister Naveen Patnaik on Monday launched a new scheme for higher education called ‘Kalinga Sikshya Sathi Yojana’.

Under the provisions of the scheme, the state government would provide education loan at only one per cent interest per annum to students undergoing higher education, including management, law, engineering, medicine and others. The state government has earmarked Rs 500 crore from its own resources for the purpose.

“I fully understand the financial stress the parents, especially of the poor and middle class, undergo in meeting the education cost of their children. This historic and pioneering step of my government will reduce the loan burden of thousands of parents and financially empower poor students to pursue their aspiration in higher education,” Patnaik said.

He said the state government dedicated this scheme to former Chief Minister Biju Patnaik on his birth centenary.

Biju Babu had instituted Kalinga UNESCO award for popularisation of science when he was only 35 years old, the chief minister said.