On Thursday, Union education minister Ramesh Pokhriyal said he personal participation in the education sector and aspires to convert 30 more universities into Institutes of Eminence (IOE) status from 20 now.
Pokhriyal, while speaking at the FICCI higher education summit, mentioned that the union government’s significance of private participation and would motivate such players for value creation in the education area. The minister mentioned that the government is considering granting 50 universities. As per the IoE status, 25 each from private and public sectors.
Presently 20 institutions comprising 10 public and 10 private institutes have collected IoE status, but at least 3 of them are non-starters. IoE status enables select institutions to enjoy academic, administrative, and financial, autonomy and are largely out of the regular purview of education controllers. They have been also permitted to open foreign campuses.
Moreover, private institutes will appreciate the autonomy, public institutes in the schedule as of now will also get an allowance of ₹1,000 crores each over 5 years to enhance their growth in India and in globally. However, the minister on Thursday did not detail the funding mechanism for the extensive proposal and by when the IoE will be recommended to 30 more varsities.
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Union education minister Ramesh Pokhriyal said his ministry is aiming to prevent brain drain and would favor developing India into an education and R&D hub and reiterated the government’s expectation of taking higher education gross enrolment ratio to 50 percent.
Uday Shankar, FICCI president reiterated that government should give a level playing field to the private sector in most of the endeavor and featured that higher educational institutions run by them should also be authorized to borrow from the higher education funding agency (HEFA). He also advised the minister to glance into low-interest rate education loans for students.