"Foreign universities cost Indians $ 7 bn"
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“Foreign universities cost Indians $ 7 bn”

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Foreign universities

In the absence of quality higher education and none of the IITs making to world’s top research institutions, Indian students spend $ 6 – 7 billion (approximately Rs 45,000 crore) annually to seek greener pastures in foreign universities, revealed an Assocham – Tata Institute of Social Sciences (TISS) joint study on ‘Realigning Skilling towards Make in India’.
“Indians spend about $ 6 – 7 billion every year in sending their children abroad for higher education. Only a miniscule number of them choose to return home. It is not just the elite who spend generously on a good education and credentials, middle-class families also spend their life time savings to educate their children abroad,” the study noted with concern.

While the much touted IITs have an annual enrollment of 10,000-15,000, and focus only on the brightest of the bright, not a single great worldwide patent has emerged, nor have they produced a single Nobel Laureate. The study also said India fares poorly as far as its rankings in the field of patents and new start-ups in technology and innovation. “We still do not have a single equivalent of a Google, Facebook, Microsoft or Walmart or a Nike”. This is despite the government pouring crores into their establishment and upkeep.
Another reason for low commitment and resources for the research in the institutions of higher learning is that 90 % of the state and central funding goes into payment of salaries and overhead costs and building of new physical infrastructure. This leaves almost no money for research and innovation, the Assocham study stated.

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