Bangalore: On Monday i.e. on September 6, 2010, the Human Resource Development Minister Kapil Sibal defending the proposed entry of foreign universities in India has asserted that they would help create a talent pool for the country. As per sources, Sibal was in this tech hub to deliver the Vithal Chandavarkar memorial lecture at the Indian Institute of Science (IISc).
Mr Sibal has informed that the ministry has a foolproof plan for the entry of foreign universities. He said that any foreign University entering India will have to create a $12-million corpus fund and profits will not be allowed to be expatriated to shareholders.
Furthermore, dispelling the concerns over the Foreign Educational Institutions (regulation of entry and operation, maintenance of quality and prevention of commercialization) Bill, Sibal has said that they would have to re-invest 75 percent of profit in the school or university and the rest would become a part of the corpus fund.
He also added that the bill is in line with the 2020 vision of top management guru C.K. Prahalad to create an educated talent pool with access to higher education for about 200 million people. Though foreign universities will have the right to form their own fee structure and admission rules, they will have to function within the purview of the Indian regulatory system, as envisaged in the Right to Free and Compulsory Education (RTE) Act 2009.
