In India as the number of elite institutions such as IITs and IIMs has increased, the budgetary requirements for supporting them is proving to be a challenge. Why do these institutions need more funds? What alternative ways are there to fund these institutions? Examine. (200 Words)
Why more funds is required :
- New initiatives by HRD ministry like GIAN requires ample of money for bringing in lecturers from foreign universities.
- New initiatives like Online Availability for IIT syllabus for outside students though nice initiative need of monetary resources.
- Initiatives like IIT Kanpur and ministry of Water resources for ganga rejuvenation has to be adequately equipped for better results.
- Students from EWS students also needs to be taken care of.
- Research like SHAKTI by madras IIT is admirable and if nicely funded can help
- Investing in in infrastructure related to labs and research equipment
Ways to attract money from other means.
- Initiatives alike in U.S universities where Alumni students collaborate with their universities and thus help in addressing various gaps.
- Why don’t Govt. think of tax exemptions for those who contribute for Donations to Higher educational institutions.
- Setting up a Higher Education Financing Agency to leverage Corporate Social Responsibility (CSR) Funds
- Graded fee structure so that better off students can be charged more as compared to the poor ones
- Promoting industry-academia collaboration to attract investments from the rich industrial players