Government’s master plan to setup the Indian educational pioneer institutes in seven countries is on the run. The premier technology institutes of the country are all set to go global, with the government appointing a committee to look into the matter of expanding IIT campuses abroad.
These institutes will be named as Indian International Institute of technology and will have global campuses where students from various sub-continents can pursue technical education. The committee’s recommendation is on the 5-step plan for setting up foreign campuses will soon be implemented.
To speed up the process to set up the campuses, govt. appointed 17-member panel which is looking to facilitate the process. The committee is led by IIT council standing committee chairperson Dr. K Radhakrishnan who had shared his recommendation for setting up foreign campuses. The committee until now, has consulted with Indian mission abroad to identify possible locations and countries feasible to implement the plan in action.
The committee has been able to identify seven countries, namely, UK, UAE, Egypt, Saudi Arabia, Qatar, Malaysia, Thailand. These countries meet the fundamental requirement to implement he plan. As the requirements were, Interest and commitment, Academic lineage, Conducive ecosystem to attract quality faculty and students, regulatory provisions, Potential benefits to enhance India’s branding and relations.
Operations of Global IIT campuses:
IITs have been the pioneer of structural technical education in India since their inception. IIT have proved itself as the largest producer of efficient minds to regulate the greatest companies. This testimonial makes IITs a fortunate establishment in foreign countries. The report however suggest to have 20% of the residential arrangement in the campuses and that too with the assistance of host country. The panel also suggest a maximum capacity of Indian students to be 20% to contribute more to the foreign advancement.
INDIA’S global reach:
India is likely to be the fastest-growing Asian Economy in 2022-2023 as analysed by Morgan Stanley. The expected GDP to 7 percent during this period which is strongest amongst the largest economies and contributing 28 percent and 22 percent to Asian and global growth, respectively.
“We have been constructive on India’s outlook, both from a cyclical and structural perspective, for some time. The recent strong run of data increases our confidence that India is well positioned to deliver domestic demand alpha, which will be particularly important as developed market growth weakness percolates into Asia’s external demand,” wrote Chetan Ahya, chief Asia economist at Morgan Stanley, in a recent co-authored note.
The key change in India’s structural story, according to Ahya, lies in the clear shift in policy focus towards lifting the productive capacity of the economy.
Policymakers, he wrote, have taken up a series of reforms which will catalyse an upswing in the private capital expenditure cycle, helping unleash a powerful productivity dynamic, leading to the onset of a virtuous cycle.
A large part of this optimism has stemmed from a drop in commodity prices, especially crude oil. With a 23–37 per cent decline in oil/commodity prices since the March peak, Morgan Stanley expects macro stability indicators to head back towards the comfort zone and that the Reserve Bank of India (RBI) may not have to hike rates aggressively.
“We project that the RBI does not need to lift rates deeply into the restrictive territory. In other words, the RBI will not need to slow domestic demand growth meaningfully to control macro stability indicators. From a medium-term perspective, the key risk is if policymakers make a shift towards redistribution rather than focusing on boosting private investment. In the near term, India is still exposed to global supply shocks like a renewed spike in oil/commodity prices,” said Ahya.
Since May, the RBI has hiked rates cumulatively by 140 basis points in quick succession, lifting policy rates to 5.4 per cent — a touch above pre-pandemic levels of 5.1 per cent.
Besides a fall in the prices of commodities, reopening of the economy earlier this year has also aided economic recovery. Demand, according to Morgan Stanley, has been on an uptick as mobility increased and remained above pre-Covid levels over the past few months.
