The Human Resource Development Minister, Mr Kapil Sibal, announced two education initiatives that are still in the pipeline, but once brought into effect, would give India's youth easier access to higher education and, therefore, increase the country's pool of educated youth.
The Centre is planning to set up an Education Finance Corporation where students could access education loans at an interest rate of around 4 per cent and the Government would stand guarantee to every loan sanctioned to ease the pressure off the parents and the banks. “This would also mean there would be no fee restrictions and, therefore, institutions can offer better facilities and teachers,” said Mr Sibal.
Another initiative is for institutions interested in investing in education. He said that the Government would ensure that easier credit is available to these organisations.
“Under this plan, institutes can borrow at less than the prime lending rate and the loan would be repayable in 25 years.”
Delivering the Vithal N Chandavarkar Memorial Lecture at the Indian Institute of Science on ‘Empowerment through education,' Mr Sibal said that the country needs to reach a critical mass of more than 50 per cent young people pursuing university education (currently it's around 12 per cent), to achieve its dream of double digit growth. “Nothing will be realised unless we invest in education and empowerment.”
On foreign investment in education, he said that the matter has been referred to the Standing Committee and the Government is awaiting its recommendations.
No foreign university would be allowed to come here on its own, he said. It would in a JV with an Indian institute and 75 per cent of its earnings would be invested back here, he clarified.
Mr Sibal said there was a great opportunity for India to become the hub of education in this century. “There is large human resource available in the country and there will be education providers waiting to access our people.”
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