Indian educationists have sought accelerated investments in academic institutions in the country, citing the government's target to double gross enrolment ratio (GER) to 30 per cent by 2020 and build a skilled workforce for the future.
To achieve this target, private investment is important to increase the number of universities, higher education institutions as well as vocational training centres, they said at an event on education sector achievements in India.
The Human Resource Development Ministry's plan to have 1,000 private universities for producing trained manpower to meet services and industry requirements is already a target for private investors, said Priyanka Goyal, Executive Director, APG Shimla University.
She was speaking an event organised by Singapore-based Business Excellence & Research Group (BERG) held here today.
Goyal said India needs to make a five-fold increase from the current 677 universities and 37,204 colleges, especially locating new educational campus in undeserved areas of the country.
She estimated Rs 50 crore investment in a university in the plains and Rs 100 crore in the hilly regions.
"Education sector definitely needs to cater the industry demands and have to ensure that the programmes offered are in line with the country's (industrialisation) strategy," said Ashok Mittal, Chancellor of Punjab-based Lovely Professionals University.
Mittal said the Indian government should work out a 'win-win private public partnership' (PPP) in attracting investment in the education sector as the present PPP model has not been successful.
Only 185 of the 677 are private universities in the country. Private institutions account for 64 per cent of the institutions in India but takes in 60 per cent of student enrolment, said Dr Rajan Saxena, vice chancellor of the NMIMS University.
He also emphasised on the participation of Indian corporate sector in the education sector, naming Azim Premji University of Wipro, Shiv Nada University by HCL and JK Lakshmipat University by JK Group, being some of them.
"Given the magnitude of opportunity and to make India a talent hub, the Indian Government has announced setting up of Central Universities and other institutions," said Dr Saxena, pointing out that many state governments have also enacted laws for the private sector setting up universities.
The Indian education industry is growing at an average CAGR of 14 per cent and is expected to be USD 82 billion to USD 87 billion by the end of this year, up from USD 50 billion in 2011.
