The percentage of money allocated towards education in our country is 4.9% of the GDP and this spend is not enough to meet the developmental needs of this sector. To improve education, the Government should raise the budget outlay of education to 6-7% of the GDP. The demonetisation is expected to enhance the revenues for this government, it is advisable for the government to consider utilising a substantial part of this bounty for the development of education.
The previous budget allocated funds for promoting 10 public and 10 private institutions as world class. This is a great move to help our institutes figure in the world ranking. However, the need of the hour is to enhance quality of education across all institutions in the country as we must educate large number of youth if we want to reap the demographic dividend. Thus, in my view our priority should be go horizontal and reach education to all instead of focusing on ranks. A well-educated and the largest under 30 population will surely bring the ranks into our country.
The brain drain from India has benefited the academia in the developed world. Indians have performed extremely well in academics. It is not uncommon today to see faculty of Indian origin in leadership positions in Universities and institutions which are ranked amongst the top 50 in the world. The budget should consider some incentives such as tax rebates, attractive allowances and perks to help Indian institutions make attractive and compelling offers to such faculty to return to the their country and help them climb up in global rankings.
The author, Sanjay Padode is Secretary, Centre for Developmental Education (CDE), IFIM Institutions.