New Delhi: While addressing the Indian Women Press Corps on Wednesday i.e. March 24, 2010, Human Resource Development (HRD) Minister Kapil Sibal said that all the money earned by the foreign investors who have commenced educational institutions in India is bound to be reinvested in the educational sector of India only. No foreign investors can send back or invest the amount thus earned in India, to their home/abroad.
Sibal also justified the allocation of foreign universities in India. He said that the move was the need of the hour. Statistics reveals the need of 35,000 new institutions along with 800 universities in India by 2020. He added that this task cannot be accomplished solely by the Indian government. Private and foreign players are also required to shoulder the responsibility.
Sibal added that each and every foreign educational institution in India has to follow national laws and accreditation process. In case of setting campus in alliance with state/central universities, they are required to follow respective educational laws. In order to provide financial assistance to foreign investors, private, aided and government institutions, Sibal anticipates establishing a National Education Finance Corporation (NEFC). With the view of converting paper plan into action, Sibal has initiated talks with planning commission.
