HOME > BUSINESS > Indians spend Rs 45,000 crore/year on overseas education – Survey

Indians spend Rs 45,000 crore/year on overseas education – Survey

In the absence of quality higher education and none of the IITs making to world’s top research institutions, Indian students spend USD 6-7 billion (approx. Rs 45,000 crore) annually in seeking greener pastures in foreign universities with a miniscule number of them choosing to return home, said an ASSOCHAM-Tata Institute of Social Sciences (TISS) joint study on ‘Realigning Skilling towards Make in India’.

In comparison, the total budgetary allocation for higher education by Government of India is Rs 26,800 crore.

“Indians spend about USD 6-7 billion everyyear in sending their children abroad for higher education. It is not just the elite who spend generously on a good education and credentials but the middle class families also spend their life time savings to educating their children abroad”, the study noted with concern.

While the much touted IITs have an annual enrolment of 10,000-15,000, focused only the brightest of the bright, not a single great worldwide patent has emerged, nor have they produced a single Nobel Laureate, the study lamented. “This is despite the government pouring thousands of millions of rupees into their establishment and upkeep.”

It said India is amongst the worst for rankings in patents and for new start-ups in technology and innovation. “We still do not have a single equivalent of a Google, Facebook, Microsoft or Walmart or a Nike”. Even a small country like Italy or Finland does better!

While most of the IITians choose to go abroad for research, they do not return home after obtaining their doctoral programmes.

Another reason for low commitment and resources for the research in the institutions of higher learning is that 90 percent of the state and central funding goes into payment of salaries and overhead costs and building of new physical infrastructure. This leaves almost no money for research and innovation, the ASSOCHAM study said.

There is a problem of political interference. “Political interference and using universities as hubs for political activities only compounds the problems. Outdated curriculums, teachers and student unions ensure that status quo is preserved”.

It said UGC and AICTE and other such councils have virtually had an archival stranglehold over policy and have stifled any possible innovation and new ways of thinking. “Our education system is just living in ancient history even in subjects like sciences and engineering”, adds the ASSOCHAM- TISS study.

The paper suggested setting up of a National Higher Education Commission (NHEC), an independent regulator on the lines of SEBI or CVC (Central Vigilance Commission). The proposed NHEC must ensure mandatory quality rating of all universities and institutions of higher learning, be they government, state, autonomous or private.

The proposed body must also create under it a think tank of enlightened persons from different walks even from those with rural background to assess the need, demand and changing technology for use in education.

The ASSOCHAM paper also suggested stopping direct funding of central and state universities which should be allowed to charge rational fees to cover their costs and provide funds for research and development.

“Though Indian higher education system is the largest in the world in terms of institutions and third largest in terms of enrolment, we lack in innovation and making our youth employable”, ASSOCHAM Secretary General Mr D S Rawat said while releasing the paper.

Experience of world’s top institutions like the MIT should be used for promoting successful entrepreneurs while skilling should be made part of the university education. Also skilling should be delinked from labour and be mainstreamed into education.

Government’s spending must be refocused on higher education directly towards the needy students among the SC/ST, minorities and OBCs and other under-privileged sections. “For all other aspiring students provide a sovereign guarantee to assess a bank loan without collateral…” the paper said.

Follow ULTRA.news
Boosted by Jio’s success, Mukesh Ambani unveils his future plans Mukesh Ambani, India's richest man, said telecom was the first of his big bet, and he will now use his resources to solve problems in three other difficult areas -- agriculture, education and healthcare.Speaking at the HT Leadership Summit, Ambani said his primary motivation...
TeamLease buys 40% of education technology start-up Schoolguru TeamLease Services, one of India’s largest staffing companies, said it has agreed to acquire 40% of Schoolguru Eduserve Private Limited, an Online Learning company that works with 18 Universities.Established in 2012, Schoolguru provides services to Indian Universities to help...
UP Madrasas to teach NCERT Science, Maths textbooks Madrasas in Uttar Pradesh state of India will soon start teaching from science and maths textbooks printed by the NCERT, deputy chief minister Dinesh Sharma said today."Madrasas will teach using NCERT text books. The board has started preparations," Sharma said today.Sci...
WATCH: Kerala student secretly records teacher hitting others in class A student in Kerala went out on a limb to expose the abuses of his teacher by bringing a cellphone and recording the teacher's actions secretly.The video, which shows the teacher repeatedly beating a student with his hand, has gone viral on WhatsApp in Kerala.The video h...
Kejriwal’s bet on Delhi schools is paying off – survey A survey by industry association Assocham has found that the majority of people who send their children to government schools are "overwhelmingly satisfied" with the performance of the schools.Improving the performance of government schools has been a high priority for the A...
Raymond opens Ethiopia factory to cut costs, easy access to US, EU Textiles and garments brand Raymond inaugurated a garment manufacturing plant in Ethiopia to gain duty-free access to the US and European markets.The plant was set up at a cost of Rs 100 cr and will employ over 2500 people in the first phase. More people will join later, the...
No exemption to Tamil Nadu on NEET: Health Minister Health Minister Faggan Singh Kulaste at an event in DelhiExemptions to the National Eligibility cum Entrance Test cannot be given to any place or zones inside India as a common entrance test is required under the law, Faggan Singh Kulaste, junior minister in charge of health...
HRD ministry says won’t interfere in college politics Ramjas CollegeThe ministry of human resources development, which oversees educational institutions in the country, today refused to intervene in political protests and incidents in colleges."These autonomous institutions are established under the respective Acts of Parli...
Permission sought to open 39 Ayurveda colleges in Uttar Pradesh Symbol of National Ayurveda Day (28 Oct)Various private entites have sought the central government's permission to open 39 Ayurveda colleges in the state of Uttar Pradesh, according to data obtained from the ministry of alternative medicine or AYUSH.Uttar Pradesh is alre...
Hindustan Aeronatics submits detailed proposal for Aerospace Univeristy A combat helicopter made by Hindustan Aeronautics Hindustan Aeronautics Ltd, India's biggest manufacturer of aeroplanes and related equipment, has submitted a detailed project report for setting up an aerospace university in the country, the government said.The university w...
Venture Capital firms seek validation for Modi’s policies in UP election BJP leader Uma Bharti at an election rallyPrivate equity and venture capital firms are largely bullish on India in the context of big economic reforms, but are awaiting the results of the ongoing Uttar Pradesh elections to assess the level of popular support that such polici...
NEET 2017 medical entrance exam to be conducted in 8 languages The National Eligibility cum Entrance Test medical entrance test for academic year 2017-18 will be conducted in eight languages, the government of India said.The decision was taken by the government after consultations with State Governments.The eight languages are Hi...
There can be no Equality without Reservations – Ravi Shankar Prasad Law and Justice minister said that reservations to Dalits and backward communities was essential to ensuring equality of opportunity in government jobs.Delivering a talk on the concepts of freedom and equality in the Indian constitution, Prasad said it was wrong to think that...
Mukta Arts opens premium design school in India with ECV France Mukta Arts said its subsidiary Whistling Woods International Ltd has opened its 8th school -- Whistling Woods International School of Design -- in association with ECV, a design school in France. The École de communication visuelle or ECV is a French private design school.The...
Infosys invests Rs 14.5 cr in Danish artificial intelligence startup UNSILO Technology services provider Infosys said it made an investment of 14.92 mln Danish kroners in Danish startup UNSILO from its innovation fund.UNSILO is a Danish artificial intelligence startup founded in 2012 and focus on advanced text analysis.It uses a combination of m...
Infosys invests TidalScale, provider of simple supercomputing software Technology provider Infosys said it made investment in TidalScale, a provider of software-defined server.No details about the financial aspects of the investment were made public.TidalScale's offering, in many ways, is the opposite of virtualization. While virtualizat...
J&K to get new IIM campus with Rs 62 crore investment The Government has approved the establishment of Indian Institute of Management at Jammu in a temporary campus at Old Government College of Engineering & Technology from the Academic Year 2016-17.The project will involve a cost of Rs 62 crore in temporary campus for the i...
Canara Bank chosen partner for India’s Higher Education Financing Agency Canara bank said it has been chosen as the joint venture partner by the government of India for the establishment of a Higher Education Financing Agency.The Higher Education Financing Agency or HEFA is a not-for-profit agency with initial capital base of Rs. 1000 Crore and w...
NIIT to offer embedded courses in University of Danang, Vietnam Training provider NIIT said it tied up with the University of Danang in Central Vietnam to embed its training programs in the University.Students may undergo a four-year bachelor degree program or a three-year associate degree program in information technology.Universi...
NIIT acquires Bangalore-based Perceptron’s business NIIT, an Indian multinational company in skills and talent development, said it has acquired the business of Bangalore-based start-up Perceptron Learning Solutions Pvt Ltd.Established in 2014, Perceptron focuses on developing learning platforms that combine deep analytics and...