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Indian Higher Education Sector: Heading towards Transformation

Vikram Parekh mailtovikram@yahoo.com SIES College of Management Studies, Navi Mumbai Pradip Manjrekar drpradipm1@gmail.com D Y Patil University (Business Management) 1. Introduction
The Indian Education Industry has been growing strongly (USD 50bn) and break-up is 40% contributed equally by K-12 & Higher Education and remaining 20% by Informal Education. The Indian Education System comprises of formal and informal network of education institutes as mentioned in exhibit 1. The Indian education system comprises of formal and informal network of educational institutions. With economic growth and enhanced technology it has become necessary to develop the structure of the Indian education sector. Funds are a major concern in the market though the government has taken many initiatives for the development of education infrastructure which can be fulfilled by private players. The government has opened the doors for foreign universities by passing Foreign Educational Institution (Regulation of Entry and Operation) Bill, 2010, which will help in shaping the education industry structure specially pertaining of higher education in India. The present GER (Gross Enrollment Ratio) in higher education in India is around 12 per cent (world average 23.2 per cent, developed nations 54.6 per cent, Asian countries 22 per cent) and the government of India wants to increase this to 21 per cent by 2017. There is an interim GER target of 15 per cent by 2011-12, for which the enrolments in universities/ colleges need to be substantially raised to 21 million students. The government estimates that the share of enrolments of private, unaided higher education institutions will be around 51 per cent. It is obvious that the government of India alone will not be able to achieve GER target and will require public partnership, private investment, and participation of foreign institutions to achieve this ambitious goal. The higher education in India has experienced significant growth over the last two decades. Universities and Colleges in India have grown at a CAGR of over 5% and 6% respectively, since independence (Refer to exhibit 2).

Exhibit 1 Indian Education System

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Exhibit 2 Growth of Higher Education Institutions and enrolment in India

2. Trends in Higher Education & Growth Drivers

In India higher education covers all the post-secondary education in different subjects such as humanities, commerce, medical, engineering and technology. Most of the universities offer multi-disciplinary courses. However, there are some which are confined to a particular discipline for e.g., technology and medical. 550

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Universities differ in terms of their academic, administrative and financial arrangements. The country is dominated by state universities, which are 251 in number while a majority share of colleges in India are private unaided institutions. The number of universities has increased by around 13% in 2007-08, as compared to the last year. Colleges in India witnessed a growth of over 14% in 2007-08 on a year on year basis. Private unaided colleges form a significant part of the total number of colleges in India and are growing rapidly in number. Out of 20,667 colleges, 2,166 colleges are explicitly for women. Besides these colleges, the country also has around 7,000 technical education institutions. By 2015, India is expected to witness a sizeable reduction in the lowest income earning section of the society, which will be replaced by a much larger urban middle class, creating a favourable market for the education sector (refer to exhibit 3). Education is the second largest expenditure for the middle class (refer to exhibit 4). Economic growth is expected to drive household income among the middle class. These factors willingness to spend on education and the rise in purchasing power will allow the growing middle class to bid for an education from public institutes.

Exhibit 3 Favourable Demographics is the Key Factor for Higher Education Institutions Growth

Exhibit 4 Distribution of Income in the Middle Class

3. PPP Public Private Partnership

PPP can provide much needed finance to the higher education sector while serving as an efficient operating model. Possible PPP structure as suggested in the 2009 E & Y EDGE 2009 report on Private Enterprise in Indian Higher Education. The private sector is a key constituent of the higher education segment in India, accounting for more than a third of all higher education institutions and more than two thirds of all professional higher education institutions. Strong macro-economic and demographic drivers coupled with the gap in public spending will only further increase the relevance of the private sector in higher education in the country. Thus there is a clear imperative for established players to participate in this growth story by building higher educational institutions of scale. 551

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Establishing strong partnerships between private sector enterprises and the public sector, including the government and regulators, is the clear need of the hour for this growth to be achieved. At the same time, private higher education institutions need to embrace best in breed governance, operating and financing models to build institutions of the highest quality and standards. Though, not active players in the higher education space at present due to structural and regulatory challenges, private equity investors could play a key role in the expansion of Indias higher education infrastructure. The report has attempted to provide an overview of specific considerations that would drive investor interest in the education space based on our interaction with teams at some of the leading private equity funds active in India. Possible PPP Structure The educational institute (special purpose vehicle SPV) is set up as a Society or Trust, as per applicable guidelines. The UGC and AICTE or some other government body approves norms and standards of the institute. The state provides applicable administrative and financial support to the institute. Capital outlays are met by an educational services entity which provides infrastructure. The educational services entity charges a fee for use of facilities by the Society or Trust. The infrastructure facilities are transferred to the institute after several years (Refer to exhibit 5). Private enterprises have used innovative models and novel strategies to attain scale in the India higher education segment. As per current enrollment trends, India will see a shortage of 5 mn graduate seats by 2015 and 7 mn by 2020. The constraints are capacity constraints (Refer to exhibit 6), limited seats in IITs and IIMs a larger number to abroad, high entrance cut-offs for top universities / colleges, 1,00,000 students graduate from entirely unaccredited private institutions, quota reservations on the increase and large number of fly-by-night; operators. The market for higher education is projected to grow almost three times in the next 10 years; market size for Skill Development is projected to grow almost ten times, albeit over a smaller base. For this a network of public and private polytechnics and vocational institutions exists, controlled and supervised by the councils specializing in each discipline. There are nearly 10 mn students in 6500 institutions. Nearly 1500 colleges have been given facilities for vocational education.

Exhibit 5 A Public Private Partnership Model & Higher Education Institutes (Capacity)

4. Import of Education
Every year a large fraction of Indian students spend large sums of on a foreign education due to the letter system of education. Some trends relating to import of education are as follows (refer to exhibit 6): Indian spend USD 4bn annually on higher education abroad The U.S. continues to remain the most popular destination 71% are pursuing postgraduate courses in engineering and management Australia is a popular destination for vocational training and course in hospitality U.K.s popularity is due to the variety of one-year degrees on offer China and Russia are emerging as favored destination for medical education. Traditionally dominated by the public sector, the higher education market in India is being driven by private sector participation, with several high quality private institutes setting standards and pioneering growth. Globally some HEIs have rapidly attained scale over the last few years making them models for India HEIs to analyze and possibly emulate. The expenditure on higher education in India is estimated to be USD 6.5bn in 2008. It is expected to grow at 12% CAGR to reach USD 10.3bn by 2012 according to the 2009 Netscribes report on Higher Education. Private institutions have been focusing on the area of professional courses like 552

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engineering and medicine as well as post graduate courses like MBA. Private set-ups account for 50% of the total medical seats and 80% of the engineering seats available in students in India. (Refer to Exhibit 7)

Exhibit 6 Import of Education (from India)

Exhibit 7 Indian Higher Education Segment & the Leaders in this Segment

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5. Higher Education and GATS

Trade in education is organized in five categories of service, based on the United Nations Provisional Central Product Classification (CPC): Primary education, covering preschool and other primary education services, but excluding child care services; Secondary education, including general higher secondary, technical and vocational secondary and technical and vocational services for disabled; Higher Education, covering post secondary technical and vocational education services as well as other higher education services leading to university degree or equivalent; Adult Education covers education for adults outside the regular education system; Other Education; which covers all other education services not elsewhere classified; nonetheless education services related to recreation matters are not included. During the Uruguay Round only 29 member countries of the WTO (considering EC as a single member country) made commitments in education and only 21 of these included commitments in higher education. It is interesting to note that Congo, Lesotho, Sierra Leone and Jamaica have made full unconditional commitments in higher education, perhaps with the intent of encouraging foreign providers to help develop their education systems. Australias commitment for higher education covers provision of private tertiary education services, including university level. The European Union has included higher education in their schedule with clear limitations on all modes of trade except consumption abroad, which generally means foreign tuition paying students. Only four (Australia, New Zealand, USA and Japan) of the 21 countries with higher education commitments have submitted a negotiating proposal outlining their interests and issues. WTO members have chosen to impose considerably more limitations on trade in educational services in modes 3 and 4 than in modes 1 and 2. This is also the common picture for trade in other services. Furthermore, member countries have in general put slightly more limitations on trade in primary and secondary education than on higher and adult education.

6. Trade Barriers in Education

There are some barriers that are applicable to all sectors, while other impediments are specific to the education services sector. The trade barriers have been extensively covered in a consultation paper on Higher education in India and GATS: An Opportunity (some of the key information has been presented below) prepared by trade policy division, Department of commerce, Government of India. The barriers with general application are: The majority of generic barriers are from an exporter countrys point of view and focus on the supply modes cross border supply and commercial presence. There is a certain lack of transparency of government regulatory, policy and funding frameworks. Domestic laws and regulations are administered in an unfair manner. Subsidies are not made known in a clear and transparent manner. Tax treatment which discriminates against foreign suppliers. Foreign partners are treated less favourably than other providers. GATS defines services trade as occurring via four modes of supply all of which are relevant to education: Mode 1: Cross Border Delivery: Delivery of education services via internet (distance education, teleeducation, education testing services). Mode 2: Consumption Abroad: Movement of students from one country to another for higher education (foreign students in US universities). Mode 3: Commercial Presence: Establishment of local branch campuses or subsidiaries by foreign universities in other countries, course offerings by domestic private colleges leading to degrees at foreign universities, twinning arrangements, franchising. Mode 4: Movement of Natural Persons: Temporary movement of teachers, lecturers, and education personnel to provide education services overseas. The principal barriers to trade in higher education services as regards cross-border supply (mode 1: e.g. distance delivery or e-education; virtual universities) are the following: Inappropriate restrictions on electronic transmission of course materials. Economic needs test on suppliers of the services in question. Lack of opportunity to qualify as degree granting institution. 554

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Requirement to use local partners, with at the same time a barrier against entering into and exiting from joint ventures with local or non-local partners on a voluntary basis. Excessive fees/taxes imposed on licensing or royalty payments. Restrictions on use/ import of educational materials.

The principal barriers to consumption abroad (mode 2, e.g.: students studying in another country) are: Measures that restrict the entry and temporary stay of students, such as visa requirements and costs, foreign currency and exchange controls. Recognition of prior qualifications from other countries. Quotas on numbers of international students in total and at a particular institution. Restrictions on employment while studying. Recognition of new qualification by other countries. For trade via commercial presence (mode 3: branch or satellite campus; franchises; twinning arrangements), common barriers include: The inability to gain the required licences to grant a qualification. Subsidies provided solely to local institutions. Nationality requirements. Restrictions on recruitment of foreign teachers. Government monopolies. Difficulty in obtaining authorization to establish facilities. Prohibition of higher education, adult education and training services offered by foreign entities. Barriers to mode 4, i.e. presence of natural persons (e.g. teachers travelling to foreign country to teach) are: Measures that restrict the entry and temporary stay and work for the service suppliers, such as immigration barriers, nationality or residence requirements, quotas on number of temporary staff, employment rules. Economic needs test. Recognition of credentials. Minimum requirements for local hiring being disproportionately high. Repatriation of earnings is subject to excessively costly fees or taxes for currency conversion.

7. Import and Export of Education Services in India

The scenario in Indian Higher Education with respect to the four modes under GATS has been extensively covered by Prof. Rupa Chanda of IIM Bangalore in her study on the implications of GATS for higher education in India, which was presented on a Higher Education Summit, organized by FICCI in New Delhi on December 2, 2004. The highlights are as follows: India's Import Interests in Education Services Mode 1: Prospects for distance education and degrees from foreign academic institutions. Mode 2: Indian students studying in foreign universities (US, UK, Australia). Over 40,000 studying in US courses (This is more like 75,000 added per year). Several thousand in Europe. Mode 3: foreign institutions entering India through twinning and franchise arrangements. Indian students getting foreign degrees, doing professional courses at local branch campuses of foreign institutions in India. UK-based Wigan and Leigh College. Indian School of Business tie-up with Kellogg, Wharton, and London Business School. Western International University, Arizona. NIIT tie-up with ITT Educational Services, USA. Tata InfoTech tie-up with Hertfordshire University, UK. Mode 4: Foreign faculty and scholars teaching in India. India's Export Interests in Education Services Mode 1: Prospects for tele-education in management and executive training. Experience with distance learning, use of new technologies (IGNOU). 555

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Education process outsourcing with remote tutoring from India (along the lines of efforts by Career Launcher, Educomp Datamatics etc.) Mode 2: Students from developing countries studying in Indian engineering and medical colleges. Around 5,500 students from neighbouring developing countries (2001). Exchange programmes and twinning arrangements. Mode 3: Setting up of overseas campuses, franchising by Indian institutions. MAHE, BITS, Central Institute of English and Foreign Languages. Over 100 CBSE schools abroad, catering to diaspora. Mode 4: Indian teachers, lecturers teaching abroad in Middle East, Africa, researchers/scholars on visiting arrangements abroad. Some 10,000 secondary school teachers overseas. Recruitment of Indian teachers in Maths, Science, English. Potential as a regional hub for exporting higher education services.

8. Low Gross Enrolment Ratio (India)

India has the third largest volume of enrollments in higher education, after China and the US. However, Indias GER compares poorly to its global counterparts. Furthermore, high dropout rates in primary education have affected the enrollments in higher education. Drop out rates in Grades 1-5 is 29%; in Grade 6-8 is 50% and in Grades 9-12 is 62%. The planning commission is targeting a GER of 15.5% by 2012 which is an increase from 11% in 2008 (Refer to exhibit 8).

Exhibit 8 Higher Education Market and Market Growth Rate

Exhibit 9 Skill Development and Vocational Training

The National Knowledge Commission (NKC) has recommended that the government will need to establish 1500 universities to meet their GER target. Thus, Indias low GER provides opportunity for new and existing players in the market including skill development and vocational training institutions (Refer to exhibit 9). The expenditure required in higher education will have to increase to 1.5% of the GDP from the existing level of 0.7%. This translates into a huge potential for about 22mn students enrolling in higher education institutions by 2012. The public spending is focused more on primary education leading to underdeveloped higher education sector in India. Public spend on education in India amounts to 5.2% of the worlds cumulative public spend, but India is home to 20% of the population in the target group. The investment in the higher education sector 556

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increased from 0.67% of the total GDP in FY07 to 0.7% of the total GDP in FY08 whereas the share of higher education expenditure as a percentage of total education expenditure has declined from 17.4 in FY06 to 19.1% in FY08. Lack of higher education infrastructure has made it extremely difficult for India to act as a hub for professional education. The current higher education infrastructure can admit only 7-8% of the college students. India attracts 20,000 foreign students yearly, whereas China attracts more than 0.15mn students annually. Even though public expenditure on education has been rising, the investment per student is one of the lowest among other major countries (Refer to exhibit 10).

Exhibit 10 Low public spending on HE and Annual public spending on HE per Student

9. India: A Promising Global Destination for Higher Education

A large section of the Indian population is at the age at which an individual would enroll into a higher education course. This number is expected to increase further in the future driving demand for more institutes (Refer to exhibit 11). In comparison with other major destinations for higher education, India has the strongest opportunity for growth due to its population distribution. The following shortcomings need to be addresses in Indian higher education space: Over regulation and under-governance. Curriculum development in comparison to global standards. Examination system to be focused on application of the discipline learnt by the students. Learning to be made more industrial application oriented. Development of good faculty. Improvement of the overall quality of education. The unemployment in higher education.

Exhibit 11 India is One of the Promising Global Destinations for Higher Education

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Source Compiled from Various Sources

Source Compiled from Various Sources Exhibit 12 Extent and Intensity of Restrictions under Existing Regulations

10. The Regulatory Regime

Historically, AICTE, MCI, DCI, ICAR, VCI were formed to focus attention on specialized areas. These institutions issue licenses, control curriculum and standards and, regulate operations through inspections and reporting requirements. Each has its own set of regulations. The Yashpal Committee Report has recommended that the multiple agencies, bodies should all merge into one National Commission for Higher Education and Research (NCHER), which can be the umbrella organization or a one-stop shop for all regulatory work in higher education. To better understand the dynamics and the differences of these two sectors, Exhibit 12 compares the extent and intensity of restrictions that existing regulations place. It explains why there is so much interest in the unregulated sectors. 558

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Source The Foreign Educational Institutions (Regulation of Entry and Operations) Bill, 2010 (FEI Bill), HRD Ministry Exhibit 12 Steps that are followed in the Review of an Application for notification of an FEI as an FEP as per the Foreign Educational Institutions (Regulation of Entry and Operations) Bill, 2010 (FEI Bill)

11. The Way Forward

Proposed Legislations and their Potential Impact Achieving Indias demographic dividend will depend on our ability to provide a simple regulatory framework in education that eliminates opportunities for rent seeking and low quality. Hence the recent initiative of the Government to reform the regulatory regime is a welcome step. The four Bills presented to Parliament will potentially overhaul the education set up in the country. Their cumulative impact would be the most significant reform of the Indian Higher Education framework in the past 60 years. While the Bill for permitting foreign universities to establish campuses in India, has garnered significant attention and has been the subject of significant debate (politically and otherwise), the other Bills also have the potential of altering, albeit more significantly the Indian regulatory framework dealing with education because we believe they will lay the foundations for a more transparent, governance focused framework. While these Bills are yet to become law, we will briefly review them. The Prohibition of Unfair Practices in Technical Educational Institutions, Medical Educational Institutions and Universities Bill, 2010 This is a truly welcome initiative that will not only improve governance but also go a long way in protecting the interests of children and parents. It seeks to prohibit unfair practices in technical educational institutions, medical educational institutions and universities. Its aim is to introduce greater transparency and governance through mandatory disclosures regarding faculty, fees and infrastructure. It prohibits an institution from a) demanding or accepting capitation fees or other charges in excess of those declared in its prospectus; and b) admitting students without conducting admission tests specified by the appropriate authority. The Bill also prohibits publishing or issuing advertisement based on false or misleading facts for inducing students to take admission. The Bill prescribes penalties for indulging in practices prescribed as unfair in the Act. It is the first time that such legislation has been proposed in the Education sector. It will be an essential component in an education eco-system that is plagued with rent seeking and malpractices. The question for consideration though is the ability and the willingness to implement the provisions of this Bill when it becomes a law. The National Accreditation Regulatory Authority for Higher Educational Bill, 2010 This seeks to make accreditation by independent accreditation agencies mandatory for higher educational institutions (HEIs), educational programs, and educational infrastructure. The Bill also provides for establishing an independent statutory authority for the purpose, the National Accreditation Regulatory Authority (NARA), which will inter-alia include registration of accreditation agencies and determining the procedure for accreditation, which is an essential ingredient for ensuring quality in the education sector. The Bill requires that every HEI seek accreditation for every program conducted by it before it starts the admission process for such programs. Existing HEIs will have to apply for accreditation of their institution and programs within three years of the commencement of this Act (five years in case of HEIs engaged in medical education). The Education Tribunals Bill, 2010 It seeks to provide for a two-tier system of adjudication of disputes relating to education that involve teachers and employees of higher educational institutions, students, universities, institutions, and statutory regulatory authorities. It provides for the establishment of a National Education Tribunal and State Educational Tribunals, prescribes the composition of the Tribunals, and delineates the powers and functions to be exercised by the 559

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Tribunals. If implemented as envisaged, this Bill will expedite the process of resolving intra- and interinstitution disputes. National Commission for Higher Education and Research 2010 This Bill is currently in the process of being finalized and is open to feedback from public stakeholders. It has created a significant interest because it envisages the creation of the National Commission for Higher Education and Research (NCHER) which will replace both the UGC, AICTE. This is based on the recommendations of both the Knowledge Commission and the Yash Pal Committee that have reposed their trust in an all powerful commission to rejuvenate the education system and remove multiple regulators. The Foreign Educational Institutions (Regulation of Entry and Operations) Bill, 2010 (FEI Bill) Overview of the Bill The Bill seeks to include within its ambit all foreign education institutions (FEIs), whether existing and proposed, set up independently or in collaboration with an Indian partner/ education provider, an institution that provides education resulting in degree, diploma or certificate in India. Distance Education has been excluded from the ambit of the Bill. FEIs proposing to award degrees and diplomas are required to mandatorily seek notification from the Central Government as a Foreign Education Provider (FEP), subject to meeting specified eligibility criteria. These requirements are clearly aimed at ensuring that only established and financially sound FEIs qualify. Those providing certificate courses have lighter reporting requirements. Any FEI proposing to make an application for registration needs to have the application endorsed by the Embassy/ High Commission of the home country where the FEI is registered and situated. Every application must inter-alia contains: documentation to establish that the applicant has a 20 years track record in the home country undertaking to maintain a minimum corpus of ` 500 million status of accreditation in home country and information on the financial soundness of the applicant. The steps that are followed in the review of an application for notification of an FEI as an FEP are as detailed in Exhibit 13. The Bill prescribes norms for utilizing the income received from the corpus fund. It states that only 75% of the income received from the corpus shall be used by the FEP for development purposes and the remaining 25% must be deposited. There are not only caps on the amount that can be utilized, but also restriction on repatriation of surplus outside India, another measure aimed at protecting Indian students from flyby-night operators. Quality is ensured by mandating that the quality of programs offered in India is comparable with those offered by the FEP in its home country. It additionally ensures transparency by requiring FEPs to publish a prospectus 60 days prior to the commencement of admission for purpose of providing information, inter-alia, regarding fees, faculty and infrastructure to prospective students and to also provide specified details on its website. The Bill empowers the Government to exempt an applicant FEI with a reputation or international standing from all provisions of the Bill, except those relating to non-repatriation of surplus generated in India and penalties prescribed for violating provisions of the Act. Penalties have been prescribed for any FEI and any person/ Indian education provider for contravening the provisions of the law and can range from ` 1 to 5 million. This is a long awaited legislation which should open another avenue for capacity creation in the system as well as expose our domestic institutions to foreign competition. The existing policy regime is ambivalent and there are no regulations governing or enabling entry of a foreign education institution into India. It is, therefore, encouraging that the Government has finally acknowledged the need for a legislation that provides this clarity. The provisions of the Bill amply reflect a Government focus on quality, reliability and accountability of FEIs intending to establish in India, thus addressing major concerns which the opening up of an otherwise tightly regulated sector may bring up. It has already raised extensive debate. The primary criticism of the Bill is that it would create elitist institutions with exorbitant fee structures that will be unaffordable for the Indian masses. There are also apprehensions of domestic institutions being unable to compete. While it is true that these institutions are likely to have higher fees, it is equally true that they shall create new quality benchmarks and introduce a culture of high academic professionalism - thereby raising the bar for delivery of education in India. Access to needy but the deserving students can be enhanced by making them eligible for scholarships and the Governments subsidised student loans. On the flip side, prima facie, the Bill seems to be biased towards research oriented universities (fast track mechanism for reputed institutions). It is important to understand that given the huge demand-supply gap, the bulk of the institutions that are likely to have an interest in India are those whose focus is on teaching and 560

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vocational/skill building. In this scenario it would be unrealistic to expect the top-notch universities like Harvard or Oxford to set up standalone campuses in India and have their autonomy and quality potentially compromised with all our regulatory constraints. Media reports have indicated that Oxford has no plans for setting up in India, Yale has merely accepted to act as mentor to the 14 innovation universities proposed by the Government and Harvard is content with providing executive programs to Indian corporate executives. In this scenario, it is only the next level of universities that might be interested in India. Many of these have very high standards and quality of education and accommodate the majority of the Indian students studying abroad. But they have no fast track mechanism under the Bill and are potentially subject to all the regulatory rigours and restrictions on autonomy.

12. Conclusion
There is much work to be done on all aspects of higher education. We believe that these Bills will lay the foundation for creating a modern framework to improve quality and check malpractices in the Higher Education space in India. They will create an enabling environment wherein multiple providers of education domestic and foreign, public and private, not-for-profit and, if the government deems fit, for-profit, can operate and compete to provide access to quality education. Higher education is the basis for the knowledge economy. India has a lower GER of only 11% of the 19-24 years age-group compared to 21% in China, 30% in Malaysia and 83% in the USA. Gender differences in attendance in higher education have declined for recent age-cohorts; but social group, income and rural location still influence access. Of the 12mn students enrolled, one third study in private sector institutions, the rest of the sector is of variable and on the average poor quality largely focused on undergraduate education in the arts, social science and humanities on the other hand post-graduate, professional degree and science and technology enrolments accounts for a smaller share. The scenario is even truer in private sector. The unemployment rate among tertiary graduates is 12% compared to 5% overall, reflecting perhaps a combination of initiatives to be taken. The present framework of GATS needs to be exploited by India to enable it to remain competitive in the global scenario. These are exciting times for higher education. The Government has made massive increases in budgetary allocations. It has also acknowledged the importance of private participation. There is a wide and growing spectrum of services being offered in this sector. These are almost entirely on a legitimate for-profit basis. We have the potential of becoming a global hub for education. The Government should work with all stake holders and seek to harness the creativity, energy and capability of the private sector and create synergies by working with, rather than in competition with it. The opportunity is real all stakeholders need to work together to capture it.

13. References
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14. University Grants Commission, Higher Education in India: Issues related to Expansion, Inclusiveness, Quality & Finance, 2008. 15. www.aicte-india.org 16. www.dget.nic.in 17. www.education.nic.in 18. www.educationforallinindia.com 19. www.indiastat.com 20. www.ugc.ac.in 21. www.unesco.org

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