New Facets of Education System: Money Game
Education is an expensive function, and therefore the connection between money and education is a frequent issue. Local governments struggle with budgets and Private schools and colleges and parents struggle with tuition costs. Just how does money relate to education or the quality of education? The public education system makes frequent claims about the connection between funding levels and the quality of education, when attempting to explain the perennial failures of the system. Despite growing investment in education, 25% of its population is still illiterate; only 15% of Indian students reach high school, and just 7% graduate. As of 2008, India's post-secondary high schools offer only enough seats for 7% of India's college-age population, 25% of teaching positions nationwide are vacant, and 57% of college professors lack either a master's or PhD degree. The standard response to the failure in system has almost uniformly been to claim that funding levels were inadequate to achieve quality results. However, statistics going back well over a century do not support such claims. The researcher aims at examining the true connection between money and education. The study would be conducted to examine the current trends of education funding and establish the modern maxim of education as a money game rather than Social cause. Key words:
Education, Funding, Public and Private Education, Indian Education system, Current trends in Education. "We don't need no education", sang the band Pink Floyd way back in the 70's in the famous super-hit album, "The Wall". While this may sound all right for idealistic rebels, it certainly does not apply to the current Indian scenario.
India's GDP has grown at a compounded rate (CAGR) of around 8.5% over last couple of years and is almost growing at a pace among top few in world. A robust performance by the Services Sector, which has been clocking strong double-digit growth rates over the past few years, has been primarily responsible for the high GDP growth rates recorded. The Manufacturing Sector has also grown at a decent rate in excess of 6-7% annually. This fantastic growth rate has been achieved due to the humongous talent pool available in India, which is a subset of its entire population. The biggest asset of any country is its people. India has a population if 120cr, the second-largest in the world. However, India's literacy rate is just 68% and it ranks a disappointing 172nd in the world on this front. Thus, there is a short supply of educated manpower in India. In fact, there is a huge requirement of talent in the fields of Hospitality, IT Services, Retail, Financial Services and Aviation, to name a few. We believe India will have to significantly gear up its educational infrastructure to meet this demand.
Education in India is provided by the public sector as well as the private sector, with control and funding coming from three levels: federal, state, and local. Child education is compulsory. The Nalanda University was the oldest university-system of education in the world. Western education became ingrained into Indian society with the establishment of the British Raj.
Education in India falls under the control of both the Union Government and the states, with some responsibilities lying with the Union and the states having autonomy for others. The various articles of the Indian Constitution provide for education as a fundamental right. Most universities in India are controlled by the Union or the State Government. India has made progress in terms of increasing primary education attendance rate and expanding literacy to approximately two thirds of the population. India's improved education system is often cited as one of the main contributors to the economic rise of India. Much of the progress especially in Higher education, Scientific research has been credited to various public institutions. The private education market in...
References: Agarwal, Pawan. (2006). Global competitiveness of higher education in India. ICRIER Working Paper (forthcoming). New Delhi.
Agarwal. Pawan. (2005). Engineering education in India: Changing realities and response. In: Engineering Education - A Vision for Better Tomorrow, Association of Indian Universities, New Delhi, September 26-October 2, 2005, Vol.43 No. 39 AIU. (2004). Round Table on Financing Higher Education in India. Association of Indian Universities. 4-5 June 2004. Trivandrum. (Unpublished)
Altbach, P. G. (2005a). Higher Education in India, The Hindu, April 12, 2005.
Anandakrishnan, M. (2004). Higher Education in Regional Development: Some Key Pointers. Indo-UK Collaboration on Higher Education – Policy Forum Workshop- 12-13 February.
Hauptman, A. M. (2006). Higher education finance: trends and issues. In: Forest, James
J. F. and Altbach, Philip G. (eds.). International Handbook of Higher Education, Springer. Dodrecht, The Netherlands.
Henrekson, M. and Rosenberg, N. (2001). Designing efficient institutions for science based
Entrepreneurship: Lessons from the US and Sweden. Journal of Technology
Parthasarathi, A. (2005). Fusion to improve higher education. The Hindu, October 19, 2005.
Patel, I.G. (1998). Higher Education and Economic development In: Economic Reform and Global Change. Macmillan. New Delhi.
Please join StudyMode to read the full document