The $1-Billion reality check

Nothing illustrates the need to open up higher education in India better than a startling revelation by the Government in the Rajya Sabha last week: Last year, as per RBI estimates, Indian students took out over $1 billion — $1.058 billion, to be precise — for education overseas. And this is at least 60% more than the figure for the previous year: $642 million.

Nothing illustrates the need to open up higher education in India better than a startling revelation by the Government in the Rajya Sabha last week: Last year, as per RBI estimates, Indian students took out over $1 billion — $1.058 billion, to be precise — for education overseas. And this is at least 60% more than the figure for the previous year: $642 million.

How much is this Rs 4443.60 crore in the context of current spending on education? Consider these:

44 times the annual allocation for an IIT at the rate of Rs 100 crore average.

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68% of the total allocation in 2007-08 for higher and technical education, which is Rs 6,483 crore, inclusive of allocation for expansion to accommodate OBC quotas

• Almost twice this year’s allocation for the entire UGC (Rs 2124.77 crore) which includes all Central universities and its quota expansion

137% of the current year allocation for technical education: Rs.3240 crore of which Rs.2122 crore is IITs, NITs, IIMs expansion.

50% of the entire Tenth Plan allocation for higher and technical education, Rs 8876 crore

• Cost of 2 new IITs

• Upgrading 15 premium IITs

• Setting of 15 Central universities

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