INDIA: Higher education spending to rise 13% yearly

India's expenditure on higher education will grow nearly 13% annually in the next 10 years driven by the private sector, said a report released by Human Resource Development Minister Kapil Sibal on Thursday, writes Prashant K Nanda for

"Higher education spends in India are currently estimated at Rs46,200 crore (US$10.3 billion) and are projected to grow over Rs.150,000 crore in the next 10 years, reflecting an average growth rate of 12.8%," said the joint report by audit and consulting firm Ernst and Young and the Federation of Indian Chambers of Commerce and Industry.

Changing macroeconomic trends are creating new categories of students. They are also increasing the willingness to pay for academic quality, employability-linked education as well as foreign education, said the report. "The shift towards a services economy is creating a large demand for skilled workforce, which in turn will drive enrolment in higher education."
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