Education in every sense is one of the fundamental factors of economic development. No country can achieve sustainable economic development without substantial investment in human capital. Education enriches people's understanding of themselves and world. It improves the quality of their lives and leads to broad social benefits to individuals and society. Education raises people's productivity and creativity and promotes entrepreneurship and technological advances. In addition, it plays a very crucial role in securing economic and social progress. Here comes the role of educational institutes for imparting proper education to the individuals. Keeping in view of the importance of the above, need is being felt to have specific scheme for financing to educational institutes.
Purpose/Objective:
- To meet the financial requirements for setting up of new I expansion I renovation I modernization of recognized Educational Institutes i.e. Schools (including play schools). Colleges and other educational bodies, running education institutions having necessary affiliation. Construction of hostel I canteen / labs etc. is also permissible under the scheme .
- To purchase equipments, Vehicles, Computer/Library books/ furniture /AC/ Lab equipments, etc.
Eligibility:
- Educational institutions, Schools (including play schools). Colleges and other educational bodies running educational institutions set up by Firms/ Company/ Trusts/ Society/ Private Ltd. Co./ Public Ltd. Co./ LLP etc. (HUFs are not eligible) .
- Education institutions which are covered under the scheme may also be financed for construction of hostel, canteen, activity Centre which are exclusively used by the concerned institution provided cash flow of the education institutions is sufficient enough to meet the obligation under agreement.