In an attempt to introduce loan convenience for students at higher education level, the government of India is planning to set up Education Finance Corporation which is to provide education loan at four percent to students desiring to pursue higher studies.
According to the union minister for human resource development Kapil Sibal, the Corporation will also extend easy credit to institutions desiring to start higher learning centres in the country. It was also reported that India is facing shortage of around 1.2 million teachers at elementary level itself and out of 220 million children on an average only 14 million enroll for higher education in the country. According to Sibal, these problems can be overcome through ICT mission which aims to connect 26,000 colleges and 54 universities in the country through broadband.
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