New Delhi, Jul 4 (IANS): Union Human Resource Development Minister Prakash Javadekar on Wednesday termed the Cabinet nod to mobilise Rs 1 lakh crore for research in higher education a "landmark decision", saying it will make India globally competent.

"Landmark decision of Union Cabinet today (Wednesday) approves HEFA (Higher Education Funding Agency) to mobilise Rs 1,00,000 crore for research and academic infrastructure for Higher Education institutions by 2022.

"This substantial allocation for research and academic infrastructure will help India compete in the world stage," Javadekar tweeted.

For the first time, he said, the Jawahar Navodaya Vidyalaya (NV) and Kendriya Vidyalaya (KV) will also be funded by the HEFA, in addition to IITs, NITs, IISERs, and other Central Universities and medical colleges already under its purview.

The funds thus granted to schools will be above the budgetary allocation, he said.

"For the first time KVs and NVs will also get funding from HEFA and the government will make repayment with no burden on students or their parents. This will help build speedier infrastructure of new KVs and NVs. It will be additional finance over and above the budgetary allocation," he wrote on Twitter.

The Minister also said the funding for higher education has risen by 133 per cent since 2013-14 and by 67 per cent overall.

HEFA was set up on May 31, 2017 by the Central government as a non-profit, Non Banking Financing Company for mobilising extra-budgetary resources for building infrastructure in the higher educational institutions under it.