The Financing of Higher Education – A Broader View

The article talks about the development of higher education in India and addresses possible means of financing it. The current educational system in the country is discussed and the concentration by the State on higher and technical education is looked at. The article further says that the financing of Higher Education in the country by the State, is a drain on its exchequer and that more methods have to be found out to move the financial obligations outside the State coffers. The experience of other countries is looked at briefly, and parameters are looked at, which need to be concentrated on to get results. For money to flow to this sector, it is very important also, to look at providing adequate legislative protection to these self-financed universities, which attract funds from sponsors, financing agencies and corporates. The need for adaptability to the job market and the synchronization between job creation and higher education has been explained in detail. Various development models are hinted at with concentration on specific parameters, but the article stops short of getting into very definitive models itself, due to the still complicated setup, as regards the status of private educational institutions in India. Once the ground rules are clearly laid down, it may become possible to develop several models, which may be accepted by the financial agencies, for funding higher education in India.