The business organization Chamber of Trade and Industry (CTI) has warned the central government regarding the increasing cost of higher education in the country. The organization has written a letter to Prime Minister Narendra Modi demanding a crackdown on uncontrolled fees in private educational institutions, providing interest-free education loans and increasing seats in government colleges. CTI clearly says that the increasing cost of courses like medical, engineering and MBA is breaking the back of common and middle class families, due to which not only the future of talented youth is being affected but it is also having a direct impact on the country’s economy and employment system.

Economic pressure on common and middle class increases due to expensive education

CTI Chairman Brijesh Goyal said that at present the fees for medical, engineering, MBA and other professional courses have reached lakhs of rupees. In such a situation, quality education is becoming just a dream for common and middle class families. Many parents are forced to take huge education loans for the future of their children. Families spend years repaying the installments of this loan, due to which their entire budget gets derailed.

Fees of private colleges reach Rs 10 to 20 lakhs

Based on the feedback collected by the organization from the market and parents, it has been claimed that the annual fees for engineering, medical and other professional courses in private colleges has reached Rs 10 lakh to Rs 20 lakh. It has become completely beyond the capacity of families with limited income to bear such a huge expense, due to which they are lagging behind in the race for higher education.

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The increasing burden of education loan is suffocating talents.

According to CTI, due to this uncontrolled structure of rising fees, parents are forced to take education loans at high interest rates, the installments of which in many cases have to be paid for about 10 years. The organization says that due to financial constraints, many talented students are deprived of taking admission in professional courses of their choice, due to which the talent of the country is being affected.

Impact on MSME sector and market

The ill effects of expensive education are not limited only to the pockets of families, but its impact is also visible on the broader economy. Due to lack of proper and affordable skill training, the Micro, Small and Medium Enterprises (MSME) sector is not able to get skilled manpower. On the other hand, due to a large part of the income of common families going towards children’s education, the purchasing power and consumer demand in the market is also declining.

Trade and education become a hindrance in the goal of developed India.

Expressing concern, Brijesh Goyal said that education is the biggest asset of any country, but in the present times it has taken the form of business. It has become very difficult for a common man or a businessman associated with MSME to make his child a doctor or engineer. He cautioned the government and said that if this system is not improved in time, then it will be very challenging to achieve the national goal of a developed India by the year 2047.

CTI placed four major demands before the government

Considering the seriousness of the situation, CTI has appealed to the government through a letter to take four concrete steps immediately:

Independent Fee Regulation Authority: There has been a demand to create an independent fee regulation authority to stop the arbitrariness of private universities and professional colleges. The organization wants that the maximum limit of annual fee increase should be fixed at 5 percent.

Interest free education loan: Education loan up to Rs 10 lakh should be made interest free and its repayment should be started only after getting the job.

Expansion of government institutions: The number of government medical, engineering and skill colleges in the country should be increased, so that students can get quality education at affordable rates.

Establishment of MSME Skill Fund: Create a subsidy based fund to provide subsidy by the Central Government in technical and skill courses for MSME employees and their children.

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