By Sahil Gupta and Guncha Prakash
After Gujarat, media reports suggest that even Kerala plans to open its doors to foreign universities. That’s good news. About 141 million Indians are in the age group of 18-23 years. As per the NEP 2020, the aim is a gross enrolment ratio (GER) of 50% by 2035, which means about 70 million higher education enrolments. Today, higher education has 43 million students, and we need to improve on accessibility, affordability and quality to attract additional 20-30 million students.
That means we need new institutions, and the IFSCA Guidelines for GIFT City in Gujarat, and the UGC Regulations enabling Foreign Higher Education Institutions (FHEIs) to set up campuses in India, can be considered as game-changers.
The Ministry of External Affairs estimates 1.5 million Indian students studying abroad (resulting in forex outgo of $47 billion for 2022 – tuition fee, housing and other living expenses). This is expected to reach $70 billion by 2025. What if these students can get the same quality education in their home country at a much affordable cost? Will this not help reduce the forex outflow? Will we not see a greater influx of foreign students studying in India through these campuses of global institutions, making India a global knowledge hub?
How can students gain?
There is a big segment of Indian students who, though aspire for foreign education, can’t pursue due to financial constraints. More foreign universities in India will help those students. With this, the quantum of education loans being taken by students will see a dip.
Students’ global competencies shall be enhanced owing to their exposure to international curriculum. Also, foreign campuses can facilitate cultural exchange, helping students develop globally-relevant soft skills and a multicultural mindset.
How can India gain?
The Indian education sector as a whole will benefit. Global institutions in the top-500 bracket hold strong credentials on academic and research domains. India needs such credentials. Partnerships between Indian institutions and FHEIs shall foster synergies, thereby improving Indian institutions’ academic and research standards through new, niche and more industry-relevant programmes. By establishing their own physical, academic and research infrastructure, FHEIs will contribute towards capacity building.
How can faculty gain?
Indian faculty stands to gain, too, from the exchange of ideas between domestic and international faculty members, potentially uncharted research partnerships, including co-authored papers, joint research, and cross-institutional visits to research facilities, etc.
How can industry gain?
Some Indian business entities want to venture into higher education – to establish a legacy or make a positive impact on society. For those lacking expertise, JVs with FHEIs can be a viable route to achieve their objectives within regulatory frameworks. Graduates from these JV campuses can undergo targeted training in skill sets and requirements pertinent to the industry, post which some of them may secure placements within the partner organisation(s) of the JV, closing the gap between education and employability.
The regulations also provide an opportunity for real estate players who could craft tailored spaces for FHEIs. Certain global institutions adopt an asset-light approach, avoiding substantial capital outlay, and instead opt to lease real estate from identified partners. Beyond academic infrastructure, these campuses also require housing facilities for students and faculty, thereby presenting monetisation of land parcels as a viable business prospect for real estate companies.
Now, the UGC regulations are there, and the onus lies on us to make the most of these regulations.
Gupta is partner and Prakash is senior executive, Deloitte India
Credit: Source link