Budget 2017 should provide some incentives to the education sector, says Nabin Ballodia of KPMG India. Ballodia says that the demand-supply gap in higher education can be addressed and a Harvard University can be set up in India once the Foreign Universities Bill is passed in Parliament.
Budget 2017 should provide some incentives to the education sector, says Nabin Ballodia of KPMG India. Ballodia says that the demand-supply gap in higher education can be addressed and a Harvard University can be set up in India once the Foreign Universities Bill is passed in Parliament. In the previous budgets, allocation for education has been minuscule and this year it could be different. Ballodia believes that the government would set up more IITs and world class institutions in India.
Ballodia said, “We need capability from outside within the syllabus in India. Niti Aayog has suggested to the Prime Minister’s Office (PMO) to pass the Foreign Universities Bill. Once the bill is passed we can see a lot of these institutions set up campuses in India.”
“When I interact with a lot of foreign universities, they say that they are standing at the doorstep of India and are waiting for the bill to be passed,” added Ballodia. He said that as of now a foreign university can’t come and set up a campus in India as there are restrictions, so the bill could be a clincher.
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Speaking on the shortage of seats in higher education, Ballodia said, “We need more universities for higher education as there is a huge demand-supply gap. The government has done well in the last few years, many IITs and higher educational institutes have been announced, we are in right track and we need to take this forward.”
CII in its pre-budget suggestions to the Finance Ministry has requested a national technology strategy with a ten-fold increase in public investment in research in higher education institutions. In last year’s budget, finance minister Arun Jaitley had described “education, skills and job creation” as one of the nine pillars that will transform the country. He had also announced the setting up of 1500 multi-skill training institutes (MSTIs) in public-private partnership (PPP) mode to provide a major boost to skill development.
A study conducted by the Centre for Budget and Governance Accountability (CBGA) and CRY said that the total budgetary spending on school education in the country has remained stagnant at 2.7 per cent of GDP since the last four financial years. “Of the 2.68 per cent of GDP in 2015-16, elementary education accounted for 1.55 per cent and secondary education was allocated 0.9 per cent of GDP with the remaining being spent on school-education as a whole,” it said.