As India’s knowledge economy develops, the presence of foreign institutions in the country may play a critical role in encouraging education, innovation and research. As the higher education eco-system expands, it creates more room for the development of human capital. Foreign universities will also help develop the Indian Education sector through sharing of knowledge and bringing some best academic practices to India. Vineet and Pranav Gupta, the founders of Ashoka University, discuss how foreign universities might boost the knowledge economy of India.
Vineet Gupta Ashoka University Founder says, “Foreign universities will put pressure on the Indian Higher Education Institutions to up their game. They will also help in training our faculty and administrators. While India has some great institutions, the overall sector will get a major boost with the entry of foreign universities. India is now one of the fastest growing economies. To sustain this growth, we will need a trained workforce. This demands a major expansion of our higher education eco-system.”
Foreign universities will also help Indian institutions by developing partnerships and collaborations. Exchanges of faculty, researchers and students as well as joint research initiatives and collaborations can result from partnerships between foreign universities and Indian institutions. This may lead to the generation of new information and the dissemination of best practices, both of which are advantageous to the national economy.
Additionally, foreign universities have created some outstanding and innovative professional master’s programs. There is a big need in India to push these. Foreign institutions can give Indian students access to innovative programs which are professionally aligned to the needs of a growing economy. This can also help to improve the employability of Indian graduates.
India has the potential to become a global knowledge powerhouse by luring both talent and investment from abroad. According to Ashoka University Founder, Pranav Gupta, “The presence of foreign colleges in India may attract foreign talent and investment to the country, which can assist to fuel innovation, research and economic progress. Every campus being set up generates economic activity. This may also result in the growth of new sectors and the addition of new employment opportunities nationwide.”
Furthermore, leading institutions globally have explored many models of funding and governance. The founders of Ashoka University drew heavily on the collective philanthropy model, which supports the mobilization of significant resources to promote excellence. New models of funding and governance will help build additional capacity. Also, the presence of foreign universities in India can foster cross-cultural dialogue and understanding, which can aid in creating linkages between nations and cultures.
Vineet Gupta, Ashoka University Founder adds, “Foreign institutions establishing campuses in India may promote philanthropic efforts in the existing Indian institutions as they can take inspiration and follow successful models like Ashoka. It will also help increase capacity to serve India’s expanding student population. Additionally, it may make more scholarships and financial assistance available, which would improve enrollment and inclusion.”
