On the discussion of whether the Panjab University should get an annual development grant, the Ministry of Human Resource Development (MHRD) has rejected the demand asserted by PU.
Following the denial, the University Grant Commission (UGC) has also expressed its concern on allotting fund to the University from its budget. The UGC has suggested PU to rather get funding from Higher Education Funding Agency (HEFA).
About HEFA
HEFA, a not-for-profit organisation, is a joint venture of MHRD, Government of India and Canara Bank for financing creation of capital assets in premier educational institutes in India.
The discussion is in consideration from January this year since MHRD has denied to grant PU an accreditation of central university.
Panjab University in its plea to the court had also mentioned the requirement of funding. It confessed that the funds generated from student fee, estate income, alumni contributions and other contributions are not sufficient to meet the various capital requirements of the university. The requirement for funding as mentioned by PU is 28,2257.59 lakh.
UGC in reply stated “UGC is not in a state to give any grants on its own or out oof its budget allocation, until and unless the MHRD gives an additional budget for the purpose or alternatively, Panjab University can explore the HEFA like funding.”