The higher education sector in India will require an investment of Rs 40,000 crore in the 12th Plan period (2012-17) and half of this would have to come from the corporate sector.
As per the committee report on corporate sector participation in higher education headed by Infosys chief mentor NR Narayana Murthy,the Centres contribution of Rs 15,000 crore should be from a mix of higher education sector plan funds while the state governments contribution of Rs 5,000 crore should be in the form of land grants and institutional investments for setting up education clusters and knowledge hubs.
The existing higher education system in India lags in comparison to global standards and is inadequate to meet the demand. There is a need to engage the corporate sector to invest in existing institutions and setup new ones, Murthy said while submitting the report on Tuesday.
The committee set up by the Planning Commission recommended the government to allocate land free of charge for 999 years to set up an educational institution and that such land should be usable for setting up academic facilities,incubation centres and technology parks.
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