MHRD proposes Rs 1,72,500 crore investment in Indian higher education sector
The Ministry of Human Resource Development has planned to allot a budget of Rs 1,72,000 crore in higher education in the next five years. The budget of Rs 1,34,564 will come from Central government and the remaining Rs 37,926 will come from the state. The MHRD also proposed a one-time catch-up grant to every institution for the span of 5 years. The grant will be of Rs 50 crore per university and Rs 10 crore per college, which would be used to fill up the vacancies. Indian higher education sector is facing many challenges that includes, lack of adequate academic support, lack of knowledge, lack of standard of education and lack of innovation. The drafted document by MHRD stated that “the more worrying aspect is that public investment in higher education has declined as a percentage of GDP from 1.14% in 2006-07 to 0.71% in 2016-17”.