New Delhi, Jul 5 (IANS): A new policy to transform Indias higher education system to one of the best across the globe will soon be brought into existence, Union Finance Minister Nirmala Sitharaman said during the course of her budget speech on Friday.

"The new policy proposes major changes in both school and higher education, better governance systems and brings greater focus on research and innovation," said Sitharaman.

For boosting research and innovation, the Union government will establish a National Research Foundation (NRF) to fund, coordinate and promote research in the country. This foundation will assimilate the research grants being given by various ministries independent of each other.

The NRF will ensure that overall research ecosystem in the country is strengthened with focus on identified thrust areas relevant to our national priorities and towards basic science.

"The funds available with all ministries will be integrated in the national research foundation. This would be adequately supplemented with additional funds," she added.