Industry & Economy
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Budget
Revamp education sector
With the Right to Education Bill all set to be enacted and the HRD Ministry’s 100-day agenda promising forward looking reforms in the education sector, the Finance Ministry can play a supportive role in revamping thesector.
The RBI has brought educational loans to individuals under the priority sector. The Budget must treat loans to educational institutions also as priority sector lending. The Union Government plans to raise the enrolment in higher education to 15 per cent in the Eleventh Plan. The role of private institutions is gaining significance considering that more than 90 per cent of higher education is offered by them. Unable to get access to any of the Centre’s plan grants, many of these institutions borrow from banks and create excellent infrastructure facilities and offer quality education. The Finance Ministry, through the RBI, must categorise loans to accredited private educational institutions for creation of infrastructure facilities under the priority sector. Private institutions, which admit students on merit without collecting any capitation fees, will continue to do so if their loans can be treated as for priority sector and made available at concessional rates. This will also enable them to take on the competition from foreign universities. S.Vaidhyasubramaniam
Dean-Planning and
Development, Sastra
University, Thanjavur
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