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T. V. Mohandas Pai, Chairman of Manipal Global Education has called for a national body to offer scholarships for higher education.
“A National Scholarship Authority of India should be set up. I am a strong votary of scholarships. India does not lack funds and it can spend on scholarships,” he said, inviting civil society to raise Rs 1,000 crore as the initial corpus.
According to him, this should eliminate a gross imbalance in the existing higher education system owing to higher costs vis-a-vis limited earning prospects.
This should come to the aid of both students as well as the banking sector extending loans.
Banks in India have disbursed education loans worth nearly Rs 60,000 crore.
“Most of them (borrowers) will default because they cannot earn (enough to repay),” Pai said. He was addressing a conference at the Kolkata-based Institute of Leadership, Entrepreneurship and Development.
The former director of Infosys expressed dismay over the fact that many people join work with a debt on their shoulders in India. There should be a pan-India organisation for scholarships, thereby reducing the burden of debt on students, he added.
Governance
Commenting on solutions for better governance, the chartered accountant said the educated middle should engage more with politics and administration.
“The educated middle class has withdrawn from politics over the last couple of decades.
These people account for 30 per cent (approximately 300 million) of our population and things can swing if they come forward,” Pai said.
Citing an example of setting up a task force with such people in Bangalore to suggest ways for development to the government, he added if educated middle class engage with political system, corruption can be reduced.
> ayan.pramanik@thehindu.co.in
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