Published On: Wed, Mar 10th, 2010

Kapil Sibal: Government to encourage Private Education Institutes

EduShine Academic Search

Kapil Sibal,  Union Minister for Human Resource Development,  has said that the Government of India is proposing several legislative amendments in the higher education to encourage private participation in educational arena.

“There are three legislations we are planning to propose for improving higher education in the country including, one allowing domestic and foreign players to set up educational institutes, setting up National Accreditation Authority and for the Educational Finance Corporation,” said Sibal at the Conscious Capitalism Summit organised by Confederation of Indian Industry (CII) and Conscious Capitalism Institute (CCI).

The Minister said that the government would reduce its intervention in the education. “The National Accreditation Authority would do all the evaluation process of the institutes as per their declarations made on their websites pertaining to the infrastructure, faculty members etc for the quality education,” he said.

The Ministry of HRD has also sent a proposal to the Planning Commission for setting up the Educational Finance Corporation. “This will reduce the fee structures in private institutes as they would be provided with long term commercial borrowings. Similarly, students would also be extended with the facility to fund their education and would not have to depend on their parents,” said Sibal.

He emphasised on the role of private players in the higher education sector and said, “Only about 12% students enrolled in schools enter in the colleges for higher education who fall in the age-group of 18 to 24 years. We want to increase the resources for them and States alone cannot do it.”

Dr Shubhro Sen, Co-founder and Executive Director of the Conscious Capitalism Institute speaking on the institute said that it is here to make a positive difference in India in the way our corporations are run and conduct themselves in the society. “We want India’s current and future leaders to be world class and be on the right side of society. The institute also wishes to help India recognize that these ideas and practices that are so contemporary and successful are timeless and rooted deeply in ancient Indian values,” he said. Dr Sen stated that Conscious Capitalism can become one of India’s most important exports to the rest of the world. “We can lead the way with values driven capitalism in the 21st century,” he said.

Dr Raj Sisodia, Chairman of the Conscious Capitalism Institute and Professor at the Bantley University explaining the need of such an institute said, “In a survey on trustworthiness of the entrepreneurs in USA, only 2% respondents believed that the CEO’s are ‘Very Trustworthy’. This shows that earning community’s trust would be pivotal for sustainable growth of organizations.”