The Union cabinet on Wednesday approved the new National Education Policy (NEP) and renamed the HRD ministry as education ministry, officials said.

A panel led by former Indian Space Research Organisation (ISRO) chief K. Kasturirangan had submitted the draft of the new NEP to Union human resource development minister Ramesh Pokhriyal 'Nishank' when he took charge last year.

The draft was then put in public domain to seek feedback from various stakeholders and over two lakh suggestions were received by the HRD ministry about the same.

"The policy draft has been approved. The ministry has been renamed as education ministry," a senior HRD Ministry official said.

The existing NEP was framed in 1986 and revised in 1992. A new education policy was part of the Bharatiya Janata Party's manifesto ahead of the 2014 General Election.

The drafting experts also took into account the report of a panel headed by former cabinet secretary T.S.R. Subramanian and formed by the HRD ministry when it was being headed by Union minister Smriti Irani.