New Delhi: India may allow foreign direct investment in colleges by top global universities to ease the pressure on students going abroad to pursue studies, a senior government official said on Wednesday.
The government aims to draw up a draft paper soon and then invite public comment, he said. "We will come up with a discussion paper. We don't mind allowing 100 per cent FDI," G K Pillai, a secretary with the Commerce Ministry, said on the sidelines of a business conference.
Hundreds of students go abroad every year for higher studies because seats are limited at top colleges in India. With rising incomes, the number of students chasing foreign universities are climbing.
"About $4 billion goes out annually as education services as Indians are going to the US, UK and other countries for higher studies," he said.
Pillai said the government may also propose a flexible policy for foreign institutes to fix the fees for students and salaries of their staff.
At present, many globally acclaimed universities and institutes have franchisee tie-ups with Indian institutes.
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