New Delhi, Jul 5 (IANS): An amount of Rs 400 crore for building world class institutions in the country was sanctioned in the Union budget that was tabled in the Parliament by Union Finance Minister Nirmala Sitharaman on Friday.

The amount, provided under the head "World Class Institutions", is more than three times the revised estimates for the previous year.

"India has the potential to become a hub of higher education. I, therefore, propose to start a programme ‘Study in India' that will focus on bringing foreign students to study in our higher educational institutions," said Sitharaman.

The government further announced comprehensive reform of regulatory systems of higher education in order to promote greater autonomy and focus on better academic outcomes.

Sitharaman said that a draft legislation for setting up a Higher Education Commission of India (HECI) would be presented soon.

During the course of her budget speech, Sitharaman announced the setting up of a National Sports Education Board for Development of Sportspersons. This initiative is aimed at popularizing sports at all levels and would be set up under the Khelo India Scheme.