Union Minister of Finance and Corporate Affairs Nirmala Sitharaman on Friday said that the government has allocated Rs 400 crore to create "world-class institutions" in the country.
The figure is more than three times the revised estimates for the previous year.
Sitharaman, while presenting the Union Budget 2019-20 in the Parliament, also announced the setting up of a new National Education Policy, National Research Foundation (NRF), Higher Education Commission of India (HECI) and National Sports Education Board.
"The government will bring in a new National Education Policy to transform India's higher education system to one of the global best education systems. The new policy proposes major changes in both school and higher education, better governance systems and brings greater focus on research and innovation," she said.
Sitharaman also announced the programme 'Study in India', that will focus on bringing foreign students to study in India's higher education institutions and informed that draft legislation on HECI would be presented in the year ahead.
"There was not a single Indian institution in the top 200 in the world university rankings five years back, there are three institutions now - two IITs and IISc Bangalore - in the top 200 bracket," Sitharaman said.
HECI will help reform the regulatory system of higher education and promote greater autonomy while the NRF will fund coordinate and promote research.
"The Khelo India Scheme will be expanded to provide all necessary financial support and a National Sports Education Board for Development of Sportspersons would be set up to popularise sports at all levels," Sitharaman said.
The finance minister also talked about the achievements of various government initiatives on education including, SWAYAM, Global Initiative of Academic Networks (GIAN) and IMPacting Research INnovation and Technology (IMPRINT).
( With inputs from ANI )