The commerce ministry has prepared a proposal to introduce reforms in the services sector, including higher education, commerce secretary Rita Teaotia said on Thursday, pitching for allowing foreign universities to open campuses in India.
Teaotia said the actual value of the Indians studying abroad, in economic value term, is about $17 billion, and “it is a huge amount that we need to to see”. Around 2,30,000 Indian students move abroad for study every year and the US accounts for the maximum number of such students — almost 1,00,000. So if India becomes an education hub itself, it will be a huge boost to the economy.
“We have worked on a draft note for consideration of the government which looks at the domestic reforms necessary in the services sector and this includes higher education,” Teaotia said here at a Ficci summit.
The secretary said the department of commerce has recognised the export potential of the services sector and at its services conclave, and the export of education services remains a key area. Teaotia said an inter-ministerial group was set up, which is now instrumental in preparing reforms agenda for the higher education sector. “We should be looking at areas like setting up of campuses of foreign universities in special economic zones, where foreign students can study and such centres can offer global curriculum,” she added.