Education And Role Of Government

Globalisation of Higher Education and the Role of the Government By B. Bhattyacharya1, Distinguished Professor and Director, Institute for Integrated Learning in Management (IILM), New Delhi

1. Role of Higher Education It is well known that education and health play an important role in boosting economic growth and development. If people are adequately educated and healthy, they can participate and contribute more in development process. Education, more particularly higher education, can help in increasing efficiency, productivity and international competitiveness of an economy. With a sustained growth rate of 8 per cent and above of the Indian economy in the recent past, there will be demand explosion for skilled manpower, especially in those sectors which can be called ‘sunrise’. Some of these are in the category of service industries and are mostly dependent for further growth on the competitive availability of the required skills, upgraded educational level and a global mindset. If the labour markets for these industries are not oriented towards meeting these evolving requirements, there will not be a growth in the skilled manpower. There will be upward pressures on the wage rates, which, in turn, will adversely impact the major source of India’s global competitiveness. India has done considerable progress in the sphere of higher education. The number of engineering graduates in India is 350,000 annually, compared to 70,000 engineering graduates in the United States, and 100,000 engineering graduates in Europe. India also produces 60,000 MBAs every year. Engineering colleges in the country have been growing at 20 percent a year, while business schools have grown at 60 per cent annually with 348 universities and over 17,973 colleges spread across the country. In the year 2005, more than 2.5 million graduates were added, that included 25,000 doctors and 600,000 science graduates and postgraduates. This paper expresses personal views of the author and should not be attributed to the views of the organizations he is currently associated with. The author would like to thank Dr. Tarun Das, Professor and Head (Economics Area), IILM, for his help in preparing the paper. 1

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But this progress is not enough if we desire to sustain high growth rate exceeding 8 per cent per annum and to maintain our competitive advantage in the global economy. Let me mention some particular reasons for the need for expanding higher education at a faster speed than what had been recorded in the past. (a) Role of IT and knowledge No longer capital, cheap labour and natural resources are regarded as the main sources of global competitive advantage. Knowledge and information technology (IT) have emerged as the principal drivers of growth and comparative advantage. Higher education helps to achieve this excellence in IT and other knowledge based industries. In recent years, India has made significant growth in R&D, IT and IT-enabled (IT-ITES) services and offshoring activities leading to explosive growth in knowledge-based industries. Many foreign affiliates have been established in automobiles, food processing, electronics, IT, transport, communications and financial services. Outsourcing has increased in IT, distribution, contact centres, back offices, R&D and manufacturing. India emerged as the 18th largest service exporter and increased its share in world service exports three times from 0.6% in 1990-91 to 1.8% in 2005-06. These exports were led by rapid rise of business, professional, and software services. Indian software exports increased from only $0.7 billion in 1995 to $23.6 billion in 200506 and accounted for 27% of total services exports. Globally, India ranks Second only to Ireland in software and IT exports (RBI 2006).

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(b) Role of offshoring Countries like India, Brazil, China, Dominica, Israel, Philippines, Rumania, Russian Federation have witnessed a surge of Business Process Outsourcing catering to the needs of developed countries. FDI from developed countries in the BPO sectors of these countries are also growing. India has emerged as a major player in IT-ITES and outsourcing hub due to high quality, skilled manpower, and low operations cost. Indian ITES-BPO exports recorded a growth of 33% in 2005-06 on top of 45% in 2004-05 driven by increased offshoring by firms from US and Europe (RBI 2006). According to a recent study by McKinsey and NASSCOM (also reported in the Discussion Paper of the Department of Commerce), the total potential global offshoring market is around US$ 300 billion, of which US$ 110 billion will be offshored by 2010. India can capture about 50% of this market and create direct employment for 2.3 million people and indirect employment for 6.5 million people. However, high quality manpower would be required for such jobs. Various professional and industry associations hold the opinion that significant expansion in higher education is required to meet the growing demand for technical and management personnel in future. (c) The unfolding demographic transition At present, India is undergoing a favourable demographic transition. According to the population projections made by the United Nations, rapidly falling fertility rates in most developing countries have led to a "youth bulge". Another recent study by Emmanuel Y. Jimenez and Mamta Murthi (2006) of the International Monetary Fund (IMF) indicates that “In many middle-income countries and transition economies, the fertility transition is fairly advanced and the number of young people is actually declining (as in China and Thailand). In others, which are not as far along (for example, Brazil and Vietnam),

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numbers are currently swelling to a peak or a long plateau. In still others, which are even less advanced in this transition (as in India and the Philippines), the peak will be experienced in the next one to two decades. In yet others (as in Niger and Sierra Leone), the numbers are expected to grow continuously into the foreseeable future.” The study further indicates that even many middle-income countries, where young people are adequately educated, face challenges to meet the demand for workers with higher skills in the global economy with expansion of investment, output and trade. The share of those of working age in the total population will rise in India till 2025, whereas in much of Asia it will peak around 2010. The UN puts the population’s median age at around 24.3 years in India, compared to 32.6 in China and 35.1 in Korea. At present, more than 50% of India’s population is under 25. Population of Europe, Japan and Australia is already aged. Population of China, Hong Kong, Russian Federation, and Singapore is aging very rapidly. Population of India, Bangladesh, Indonesia, Pakistan, and Malaysia is still young and growing slowly. India, Bangladesh, Pakistan, Sri Lanka, Thailand, Indonesia and Viet Nam serve as a pool of migrant workers to labour shortage countries. The number of migrant workers from these countries to other countries in Asia has increased from 1 million in 1990 to 5.5 million in 2004. Over the next 15 years, the rich world’s population will fall slightly, while the developing world will acquire 2 billion extra people. The changing demographics over the next 15 years show that, in the working population defined as persons in the age group 15 – 59, US will have a shortfall of 17 million, Japan 9 million, Europe 10 million (UK 2 mn, France 3 mn, Germany 3 mn and Italy 2 mn), Russia 6 million and China 10 million. In 2020, India will face a surplus of 47 million, almost equal to the total world shortage.

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Thus increasing labour force could be an impetus to higher growth in large developing countries such as India and Indonesia. There will be more “consumption dividend” than in the ageing economies such as Japan. Higher return to capital in young economies could attract FDI and other foreign capital. There will be increasing opportunities to export labour to rapidly ageing economies, and more opportunities and acceleration in offshoring in services and manufacturing. In order to reap these demographic dividends, we should expand our higher education at a faster speed than that in the past. 2. Status of Higher Education in India There has been an impressive growth in the area of university and higher education. Accreditation of all Universities and Colleges has been made mandatory. The University Grants Commission (UGC) guidelines for grant of Deemed University status have been revised and simplified to provide for grant of provisional status of Deemed University to de-novo institutions as well in the emerging areas and for opening of centers of Deemed Universities anywhere in India and abroad. Student enrolment in conventional system of higher education rose from 4.4 million in 1990-91 to 10.5 million in 2005-06. Enrolment of women students also rose significantly and today constitutes more than 40 per cent of the total enrolment. There has been a significant increase in the students’ enrolment under Open and Distance Education System, which has helped diversification of courses focusing needs of women, rural sector and professional training of in-service personnel. However, as per NSSO survey (55th Round 1999-00), there were inequalities in enrolment in higher education across various social groups in rural and urban areas, and also in terms of Gender. Females belonging to Scheduled Castes and Scheduled Tribes living in rural areas are the most disadvantaged. A Constitution Amendment Bill has been passed by Parliament in December, 2005, which enables the State to make special provisions, by law, for admission of students belonging to Scheduled Castes, Scheduled Tribes and socially and educationally backward classes to educational institutions, including aided and unaided private educational institutions, except minority institutions referred to in Article 30(1) of the Constitution. This would facilitate educational advancement of the above disadvantaged groups.

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Technical and professional education in the country has played a significant role in economic and technical development by producing quality manpower. There are at present 1,265 approved engineering colleges at the degree level. Apart from this, 1,034 institutes impart courses on Master of Computer Application (MCA). There are 958 approved Management Institutes imparting MBA courses.

All India Council for

Technical Education (AICTE) has delegated the powers of approval of diploma level technical institutes to the State Governments. Strong linkages have been developed between technical institutions and the industry. For strengthening technical education and improving the quality of polytechnic pass-outs, various steps have been taken through technician education development programs. 3. Financing Higher Education Para 11.4 of NPE 1986 states that “the investment on education be gradually reached to 6% of National Income”. As against this target, the combined total expenditure on education by Centre and States was only 2.8% of GDP in 2005-06 (BE), and that on higher education constituted only 0.7 per cent of GDP. The Tenth 5-Year Plan (2002-07) attached a high priority to education by increasing allocation by 76% to Rs. 43, 825 crore from Rs. 24, 908 crore in the Ninth Plan. The total Central plan allocation on education has been raised by 31.5% from Rs. 18, 336 crore in 2005-06 (RE) to Rs. 24,115 crore in the current year’s budget (2006-07). However, expenditure allotted for Secondary & Higher Education at Rs. 6,982 crore constituted only 29% of total expenditure on education. Different states also spend insignificant shares of their revenue expenditure on higher education (Table-4). It is a matter of concern that the share of education expenditure in total expenditure of the general government (combined Centre and States) has shown a declining trend since 1990-91 after reaching a peak level at 11.3 per cent in 2000-01 (Table-1), although the

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share of education in social services expenditure has shown a marginal increase from 22 per cent in 1990-91 to 23 per cent in 2005-06. Table-1: Expenditure on Education and other Social Services by the General government (combined Centre and States) As % of the total expenditure

Composition of expenditure on social services (in percentage) Years 1990-91 2000-01 2005-06 1990-91 2000-01 2005-06 Social Services 20.3 22.1 20.9 51.4 50.9 48.5 Education 10.4 11.3 10.1 22.0 21.2 23.0 Health 4.5 4.7 4.9 26.6 27.9 28.5 Others 5.4 6.2 5.9 100 100 100 Source: Economic Survey 2005-06 and Union Budget 2006-07, Ministry of Finance. Table-2: Trends of Education Expenditure by the General Government (Combined Centre and States) as percentage of total expenditure and GNP Year

Education Expenditure as Education Expenditure as percentage of Total Expenditure percentage of GNP 1951-52 7.9 0.8 1985-86 8.6 2.8 1990-91 10.4 3.0 1995-96 10.7 2.8 2000-01 11.3 3.2 2004-05 RE 9.9 2.8 2005-06 BE 10.1 2.8 Source: Various Public Finance Albums, Ministry of Finance. Table-3: Education Expenditure by the General Government (Combined Centre and States) as percentage of development expenditure, total expenditure And total revenue in 2004-05 As % of As % of As % of Development Exp. Total expenditure Total Revenue Centre and States 25 9 16 Centre 8 3 4 States 30 14 22 Source: RBI Annual Report 2004-05

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Table-4: Education Expenditure as a percentage of Revenue expenditure in different states States Primary Secondary Higher Education Education Education Andhra Prad. 10.9 7.5 2.8 Assam 14.0 6.5 2.1 Bihar 13.6 3.8 2.1 Gujarat 21.2 6.8 1.7 Haryana 6.0 4.3 1.7 Karnataka 17.0 8.9 2.2 Kerala 9.3 6.1 2.3 M.P 10.2 3.4 1.9 Maharashtra 16.7 8.0 1.7 Orissa 10.8 5.1 3.2 Punjab 4.0 7.1 1.7 Rajasthan 18.9 7.8 1.6 Tamil Nadu 8.4 6.6 1.7 Uttar Pradesh 9.6 4.7 1.3 West Bengal 6.4 9.6 2.5 Source: State Finances 2005, RBI

Total 21.2 22.6 19.5 29.7 21.1 28.1 17.7 15.5 26.4 19.1 12.8 28.3 16.7 15.6 18.5

Financing of higher education is a critical issue. The fee structure in the universities is abysmally low and has remained static for more than three decades. The universities should, therefore, make efforts to rationalize the fees and attempt greater generation of internal resources. The extent to which universities can hike fees needs to be studied, including avenues for receipt of contributions, donations, gifts, and sponsorships from the alumni, trusts, private sector and industries. However, utmost care needs to be taken to ensure that the social obligation- ensuring that the poorer students are given adequate opportunity to pursue higher education – is not lost sight of. Sources of funds financing educational institutes in India are not easily available. In the past, the annual pre-budget Economic Survey presented to the Parliament by the Ministry of Finance used to provide such information in the chapter on Social Sectors. Such information given in the Economic Survey 1995-96 is summarized in Table-5. No such information is available in the subsequent Economic Surveys. It may be observed from the table that over the years grants by the Centre and State governments have increased significantly, those of local bodies and community funds have declined. Students’ fees used to finance about one fifth of total education expenditure in 1950-51, but today fees 8

finance only 2.6 per cent of expenditures of educational institutes. It is understood that fees are not even sufficient to pay for teachers’ salaries. Such a system cannot be sustainable in the medium and long term.

Table-5: Sources of Funds Financing Educational Institutes in India (in percentage) Year 1950-51 1970-71 1980-81 (1) Centre/States’ grants 57.1 75,7 81.7 (2) Local bodies’ grants 10.9 4.3 4.7 (3) University’s own funds 0.0 1.4 1.4 (4) Sub-Total (1+2+3) 68.0 81.4 87.8 (5) Fees 20.4 12.8 8.2 (6) Community funds 11.6 5.8 4.0 (7) Total (4+5+6) 100 100 100 Source: Economic Survey 1995-96, Ministry of Finance.

1990-91 87.9 8.2 0.0 93.4 3.6 3.0 100

1992-93 89.5 5.0 0.0 94.5 2.9 2.6 100

However, in a recent paper, Tilak (2001) has observed that fees as a proportion of the recurrent costs of higher education in developing countries like India are reasonably high and range between 15 to 20 per cent. Even in countries like USA, tuition fees meet only 15 per cent of the recurrent expenditure in public institutes. Only in South Korea and Chile, the proportion is higher at 50 and 39 per cent respectively.

The IMF study (2006) also indicates that higher education is very expensive in most of the countries. For the private university students in Argentina, Brazil, Chile and Colombia, out-of-pocket costs range from 30 to 100 percent of per capita GDP. Even for students in free public universities, the opportunity costs are substantial. Credit schemes for poor students could not function without government support, and many such schemes have failed because of low repayment rates. Australia's system makes repayment contingent on graduates' incomes, as tracked in tax records. Middle-income countries like Thailand are attempting such schemes, which are worth monitoring and evaluating. In order to tackle these problems, developing countries like India are encouraging commercial banks to provide education loans. The policy mechanisms for innovation, such as increasing R&D funding, providing greater support to the Universities are being replicated elsewhere. Indian companies now deduct 150% of the amount spent on R&D 9

from their taxable income. A collective Public-Private Partnership called the ‘New Millennium Indian Technology Leadership Initiative’ - consisting of academicians, industry and financial institutions - has been launched to secure a leadership position in niche areas. We have to reinforce these areas more, not less. Financing of higher education is a critical issue. The fee structure in the universities is abysmally low and has remained static for more than three decades. On considering that government has limited resources and they have to meet the financial needs of other competing sectors, it is recommended that: (a) The universities and other higher educational institutes should make efforts to rationalize the fees and attempt greater generation of internal resources. The extent to which universities can hike fees needs to be studied, including avenues for receipt of contributions, donations, gifts, and sponsorships from the alumni, trusts, private sector and industries. However, utmost care needs to be taken to ensure that the social obligation- ensuring that the poorer students are given adequate opportunity to pursue higher education – is not lost sight of. (b)

Govt may focus on basic literacy, primary and secondary education and leave higher and professional education to private sector.

(c) An Education Development Fund with private donation exempted from income tax may be created for financing higher education. (d) Government (e)

May progressively reduce the funding for Universities and make them selffinancing. A credit market for private financing of education may be developed for this purpose.

(f) Government should allow foreign investment in higher education particularly for IT, S&T, medical and management. (g) Government should create enabling environment, which attracts foreign students to join Indian Universities. (h) Government may formulate rules and regulations for entry of foreign universities and foreign investment in higher education, but minimize direct interventions. We know that the sectors, which are subject to least interferences by the government,

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such as IT and telecom, are growing at a faster rate with better delivery and quality and cheaper prices than other sectors. 4. Role of Private Education Providers It is well recognized that due to limited public resources, public sector will not be able to meet the growing demand for higher education, and government needs to encourage expansion and growth of private education providers. To effectively address the supply side scenario in this context, it is necessary to have an enabling policy environment for the private education sector to play an effective role. These players are more receptive to market signals and have a proactive attitude to come out with products and services which can meet the evolving demands and competencies of industries in rapidly changing domestic and global business environment. One reason behind this attitude of the private players is their strong industry linkages, apart from the market driven necessity of satisfying the multiple stakeholders for sustained growth and profitability. The current policy framework does not allow the private players to launch new programs unless it is approved the AICTE. This effectively works as an entry barrier, which has broad macroeconomic impact. If proposed new programs are in response to felt and emerging of the industry and the regulatory process delays the availability of such educational products in the market, there is bound to be mis-match between supply and demand. Under the current policy framework, Supreme Court has given a waiver from this conditionality to the universities and the deemed universities. Without any possible threat to the quality of programs, such a waiver can conceivably be granted to some autonomous institutes which satisfy a pre-determined set of criteria, such as years of operations, physical infrastructure, record of placement etc. The government in consultation with various stakeholders and the regulatory agencies can lay down the criteria which, if satisfied, will equate a private player with the currently exempted categories with respect to launch of new programs. The current system of regulating the management education focuses more on minimum requirements and less with excellence of education. An AICTE recognition is essentially 11

a certification as to the observance of the minimum requirements as laid in the guidelines. However, there is no way to differentiate between industries, which fulfill the requirements, and those, which are above. While the AITCE’s current mechanisms and its concern with transparency are laudable, it is felt that there has to be some other system to address the above issue. A peer group body, set up and managed by the institutes themselves, with representatives from various stakeholders and the government, should take up the responsibity to put in place an accreditation system, which will rank the institutes according to their level and competencies. A plethora of ranking exercises by several media bodies is available in this field because there is in fact a need for such information. However, multiplicity of such exercises, quite often with inadequate and non-transparent methodologies, is causing confusion. Of course, this is not unique to India. A strong debate on such ranking exercises is currently on, both in Europe and USA. It is, therefore, an appropriate time to visit this issue and work out a solution.

5. Internationalizing Higher Education Over the last couple of decades, closer integration of the world economy has resulted in progressively unrestricted movement of goods and services across the world. The emergence of a multilateral rule-based trading system under the aegis of the World Trade Organisation (WTO) has been instrumental in hastening the withdrawal of barriers to international movement of goods and services. The rules set by the WTO, however, have also generated controversy in terms of their differential impact upon developed and developing nations. Various aspects of the General Agreement on Trade in Services (GATS), which governs trade in services between nations, have been extensively debated. Among these aspects, issues relating to trade in educational services have attracted considerable attention. (a) Higher Education and GATS

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Controversies over trade in educational services under the purview of the GATS have been closely linked to the contrasting ideological positions emphasising upon the relative importance of the state in providing education. A section of opinion-makers have pointed out that the nature, objective, content, and method of imparting higher education, should primarily rest with the state. Commercialisation of higher education, which, according to the former, is an inevitable outcome of accepting GATS, is likely to make higher education incapable of achieving the larger goals of social and human development in developing nations. This, in many ways, is an extreme position, which fails to take note of the resource constraints faced by the state in poor countries. In India, for example, public resources are not enough for meeting the demands of higher education. It is essential to include private initiative for enlarging educational facilities and strengthening educational infrastructure, wherever possible. Like in many other sectors pertaining to physical and social infrastructure, it is also imperative to explore the possibilities of forging effective public-private partnerships in enhancing the scope of higher education. (b) FDI and higher education The issue of involving private initiative in education brings us to the crucial issue of the role of FDI in education. There are two main issues in this regard. On one hand, we can hardly dispute the importance of making available quality educational facilities to the people of the country. Given the rapid pace of global integration and the gradual emergence of global labour markets in different activities, it is important to provide residents access to higher education of global quality. It is important to recognise in this context that in today’s world, efforts to promote ‘indigenous’ or ‘national’ brand of education can be completely counterproductive, given the close linkages between global businesses, cultures, skills and commercial requirements. FDI in higher education can be instrumental in providing access to quality inputs and best-practice systems. Notwithstanding the benefits of FDI, no welfare state can overlook the possibility of high-quality education remaining beyond the means of many deserving students given the price it commands. In order to minimise the possibilities of market failure in this regard, it is particularly important for a country like India, which has an established tradition of 13

learning coupled with an intrinsically bright population, to put in place effective regulatory mechanisms for higher education. An ideal regulatory mechanism should not discriminate between educational service providers on the grounds of country of origin (i.e. national treatment), but should strive to make quality education affordable for the larger sections of the society. The HRD Ministry is presently drafting the Foreign Education Provisions (Regulatory) Bill. According to the Media reports, the Bill has been drafted reflecting the stringent regulatory recommendations made by the CNR Rao Committee and the AICTE views favouring a restrictive approach to the entry of foreign universities in India. The Ministry of Commerce and Industry has circulated a “Consultation Paper on Higher Education in India and GATS” in September 2006 (MOC 2006). The broad thrust of the paper is in favour of liberalisation of higher education system in India, keeping in view the prospects of Indian educational services exports as well as to mitigate the drain of resources on account of an increasing number of Indian students going abroad for pursuing higher studies. There are also media speculation to the effect that the HRD Ministry may bring another Bill for implementing 27 per cent OBC Quota in unaided private educational institutes. There is a possibility that foreign education service providers may also be subject to identical provisions. This will be another entry barrier. It is necessary to work out a position, which will try to make a balance between such opposing viewpoints; keeping in view the long term developmental needs as well as societal compulsions. (c) GATS and higher education: An optimal strategy Negotiations on GATS are proceeding on the basis of a Request-Offer (R&O) approach. Educational services are also being reviewed accordingly. Initial assessments indicate that considerable market potential exists in India for services traded under Mode-1 (i.e.

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cross-border supply). UGC visualizes a greater internationalisation of Indian education in order to help Indian Universities generate more resources and to make Indian education a viable exportable service (Bhattyacharya 2006). UGC plans to help Indian Universities to set up campuses abroad. Distance education and e-learning are becomingly increasingly popular. Given the deep penetration of IT in the Indian society, providing greater market access to developed nations for exporting educational services to India under Mode-1, can construe highly gainful outcomes in the medium and long-term. As far as Mode-2 (consumption abroad) and Mode-4 (movement of natural persons) are concerned, India is already heavily active in trading education under these modes. Indians comprise significant segments of student populations in the most developed country universities and educational institutes. Similarly, Indian educational centres are also hosting considerable number of foreign students in different disciplines. Regarding Mode-4, again, the contributions made by the Indian scholars and professionals in enriching the quality of education in various developed countries are well recognised. We should try to get greater market access to the developed nations in higher education. However, as in the case of many other professional services (e.g. medical, legal, accountancy etc.), developed countries are unlikely to be generous in this regard, given the impact of such access on the employment prospects of their local job seekers. An optimal strategy for India, therefore, will be to offer greater market access to developed countries in Mode-3 (commercial presence through FDI), in exchange of greater access to developed country domestic markets through Mode-4. As mentioned earlier, establishment of foreign subsidiaries through Mode-3 is unlikely to result in market failures and distortion of benefits, in the presence of effective domestic rules and regulations. 6. Concluding Observations India’s economic management has undergone radical changes since 1991. Economic reforms have succeeded in identifying and establishing new areas of international comparative advantages for the country. The service sector is the biggest example.

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Market-friendly economic policies encouraging promotion of quality, efficiency and adherence to best-practice systems, have helped India in emerging as a key global player in production and trade of several value-added services. India has enormous potential to emerge as a pioneer in providing educational services of international quality. It is already doing so in various disciplines. Taking advantage of benefits of globalisation through the GATS can help the country in achieving two critical objectives. On the one hand, it can strengthen its comparative advantages by gaining access to global best practice systems in education. On the other, it can overcome its difficulties in making available quality higher education to its residents, by involving foreign private initiatives in domestic higher education. This, of course, presupposes creation of an effective regulatory system for higher education in the country, which will ensure the objectives of both efficiency and equity. India's main interest and focus area in WTO negotiations on GATS should be to provide effective market access to its professionals and skilled labour force and bring about symmetry in the movement of capital and labour. The availability of market access alone would not be fruitful if the qualifications to provide these services from Indian Institutions are not recognized abroad. At the time of GATS negotiations, it needs to be ensured that standardization of these qualifications is sorted out to protect our interest. Moreover, social obligations in the case of services such as education (equity for the vulnerable and less privileged sections), telecommunications and banking (serving rural areas) and air transport (linking the northeast states and other far-flung areas) have to be carefully nurtured.

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Selected References Agrawal, Pawan (2006) Higher Education in India: The Need for Change”, Indian Council for Research in International Economic Relations (ICRIER) Working Paper, June 2006. Bhattacharya, B. (2006) Exporting Education, the Edge, The house Magazine of the Institute of Integrated Learning in Management, New Delhi, Vol.III, No.3, July 2006. Bijlani, Subash (2005) Global Shift - Challenges to US Competitiveness, UMUC / Thursday, October 27, 2005 Department of Commerce, Government of India (2006) “Consultation Paper on Higher Education in India and GATS: An Opportunity in Preparation for the On-going Negotiations at the WTO”, September 2006. Emmanuel Y. Jimenez and Mamta Murthi (2006) Investing in the Youth Bulge, in Finance and Development, a Quarterly Magazine of the IMF, Volume 43, Number 3, September 2006. ESCAP (Economic and Social Commission for Asia and Pacific) (2005) Economic and Social Survey of Asia and the pacific 2005, UN-ESCAP, New York. Ministry of Finance, Government of India (1996) Economic Survey 1995-96. Ministry of Finance, Government of India (2006a) Economic Survey 2005-06. Ministry of Finance, Government of India (2006b) Union Budget for 2006-07. Reserve Bank of India (2005) State Finances 2005, December 2005. Reserve Bank of India (2006) RBI Annual Report 2005-06, August 2006. Tilak, Jandhyala B.G. (2001) Changing Pattern of Financing Education, National Institute of Educational Planning and Administration (NIEPA), New Delhi, August 2001. Tilak, Jandhyala B.G. (2005) Higher education in Trishanku, pp.4029-4037, Economic and Political Weekly, September 10.

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