Inroads of Foreign Universities in Higher Education and its Impact on Indian Economy: An Exploratory Study

Abstract

It is an undisputed fact that a majority of the universities in our country measure below the International standards. Attempts to ‘change’ education have so far tended to focus on two key areas- the structure of university and the content of curriculum. Though Indian Education System is going through a transformation and there has been a significant change in its infrastructure, faculty strength, latest curriculum etc. but the Universities are not enough in numbers to meet up the demand of the prospects and also Indian higher education is presently moving through turbulent times, as a host of policy initiatives as well as administrative actions are already on, or, are getting activated. Some of these initiatives will address the shortcomings of yesterdays, while others are futuristic to lay down the roadmap for the way ahead. Foreign Educational Institutions Bill (FEIB) is a major initiative that will allow foreign educational institutions to bring up their campuses in India. “Braindrain’ is a major factor of concern since it has been felt that India does not have the required expertise in its Higher Education and this crisis has led to the outflow of brains from India to foreign Universities. AsIndia already is in a dearth of skilled faculties so it would be interesting to observe how these foreign universities will meet up the demand for skilled faculties here. With the gradual increment in the number of students opting for Foreign Universities to pursue education, it is now imperative to analyse the current scenario.Now, if the FEIB gets passed in parliament, will it be successful in delivering quality educationto the students and thereby minimizing the crisis in higher education which has fuelled the so called braindrain?This paper seeks to explain the feasibility and desirability of the introduction of foreign education in Indian higher education system to meet the crisis thereby. Another objective of this paper is to explore the advantages as well as disadvantages of openingup Indian doors to the foreign educational institutions. To be more realistic, it seems that second-tierinstitutions will be more inclined to earn revenue from overseas market rather than excellence in knowledge. But many Indian Students, who opt to go abroad to pursue their higher studies do take admissions in second tier institutions will  not venture out if they can get admission in campuses of these institutions back home. Again foreign campuses in India may, in fact, help India emerge at least as a regional education hub. With improvement in higher educational institutions, India will be able to attract students from other countries as well. But still it remains to be seen whether India gain something from these foreign universities contemplating to set up their campuses in India and commitments in higher education. The objective of this paper is to study the people’s perception regarding foreign degree and the education imparted to them by these foreign universities in their own country. The challenge before the foreign universities would be how to blend traditional Indian Management concept with modern competitive strategic environment. This paper also attempts to study the various challenges and opportunities available to the foreign educational institutions to succeed in this competitive market.