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During the announcement of the Union Budget 2016 on Monday, i.e. February 29, the government of India declared the decision to form a Higher Education Financing Agency (HEFA). Initially, a capital base of Rs 1,000 crore will be invested so that funds can be pulled from the Indian market, which can be used towards building high tech infrastructure in top universities like the IITs.

Explaining more about the Agency, Finance Minister Arun Jaitley, according to a PTI report, said, "The HEFA will be a not-for-profit organisation that will leverage funds from the market and supplement them with donations and CSR funds. These funds will be used to finance improvement in infrastructure in our top institutions and will be serviced through internal accruals."

The Finance Minister also stated the decision to form a regulatory architecture for ten private and ten public institutions so that India can arise as one of the best teaching and research institutions all over the world.

Moreover, he added, "An enabling regulatory architecture will be provided to 10 public and 10 private institutions to emerge as world-class Teaching and Research Institutions. This will enhance affordable access to high quality education for ordinary Indians. A detailed scheme will be formulated."

In addition to various announcements regarding improvements in the education sector, Jaitley spoke of creating a digital depository for various educational certificates like school leaving certificates, college degrees, academic awards and mark sheets, which would "help validate their authenticity, safe storage and easy retrieval". Further, he said that around 62 Navodaya Vidyalayas will be opened in the leftover districts of the country within two years of time.

While announcing all the foremost schemes, he added that once the government succeeded in achieving the goal of universal primary education goal, the next move would be to focus the quality of education.