New Delhi, July 5: Finance Minister Nirmala Sitharaman said on Friday that three Indian institutions - two IITs and IISc - now figure in top 200 institutions in world university rankings and the government will start a programme 'Study in India' to encourage foreign students to study in Indian universities.

Presenting the Union Budget, Sitharaman said that regulatory system in higher education will be reformed and a Higher Education Commission will be set up. She said no Indian institute figured in top 200 of world university rankings five years back. Union Budget 2019 Speech by Nirmala Sitharaman: Increase In Petrol, Diesel Prices, No Change in Income Tax Slabs Among Highlights of India's First Woman Full Time FM's Maiden Budget.

"Concerted efforts have been made to boost education standards. Three institutes - two IITs and IISc (Indian Institute of Science Bengaluru) are in top 200. We will continue making concerted efforts," she said.

She said Rs 400 crore has been earmarked for Rs 2019-2020 under the head 'World-class institutions'. "It is more than three times the revised estimates," she said. The minister said India has the potential to become the hub of education and the 'Study in India' programme will focus on bringing foreign students to the country.