On an average, an IIT student pays only US$ 150 per month as fees while those opting to go abroad have to shell out US$ 2000 to US$ 6,000 fee per month in equivalent institutions in countries like USA, Canada, Australia, and UK, adds Assocham assessment.
The Chamber is of the view that if higher education is deregulated, India can not only save foreign exchange but can also be a leading destination for students coming from other developing countries. This can create several lakhs of additional jobs in the field of education alone.
In India, a meager 12% of enrolment takes place in higher education, USA tops the list with 82% of enrolments in higher education, where as those with low enrolment constitute, Pakistan (5%), India (12%), China (20%) and Brazil (24%), adds the Assocham findings.
This trend can be upturned with opening up of series of quality institutions with public private partnership by completely deregulating the higher education”, said Mr. Rawat
The paper also adds, about 95% of all entrance examination participants in the IITs and IIMs do not make it due capacity constraints in these universities. A good chunk of those left out seek admissions abroad. With the precious foreign exchange saved, the country can build scores of top class institutions.
As a result of highly regulated higher education, human development index is very low in India leading to multiple problems such as corruption, population, poverty, unemployment, productivity, environment, primary health, tourism etc.
Currently, there are about 900 mn jobs in India. As much as 90% of the available jobs are skill-based, requiring vocational training, 9% jobs are knowledge based and 1% jobs are both knowledge and skill based,
The US remains the most popular destination for post-graduate management and engineering degrees, Australia for vocational training, UK for one year degree courses, Russia and China being favoured for medical education, even though the passouts from china cannot practise in India as doctors unless they clear the domestic exams. This shows that India is losing out many of its valuable resources due to insufficient scope in higher education sector.
Therefore, foreign university partnerships with Indian universities offer an effective way to share resources and improve their offering while catering to the growing need of quality education in India. Higher education and vocational training can provide attractive investment returns and are scalable opportunities