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A helping hand for Indian universities
Article
- C. Raj kumar of OP Jindal University observes that corporate Social Responsibility (CSR) funding shoulding be made available for universities in India.
Important Analysis
- The companies Act, 20113 introduced the Corporate Social Responsibility.
- According to ministry of corporate Affairs in data, in 2015-16 out 5097 companies only 3118 companies made some contribution towards CSR expenditure.
- During fil 2014-15, 3139 companies had spent 74% of the prescribed CSR expenditure.
- Issues with CR
- Lack of strategic thinking and innovation in CSR
- Companies have taken CSR a charitable Endeavour and have not understood its goals.
- Issues with funding in the Higher Education sector
- Public universities in India are highly dependent on the govt. for its funding. This has limited its capacity for funding.
- Access to funds is a major problem due to complex procedures, delays and regulatory obstacles.
- Universities do not have the flexibility to the speed resources according to their need and prioniters.
- There is limited philanthropy. Further, banks and financial institutions have not made much funding is higher education
- Private higher education institutions are mediocre in avidity and are profit driven
- Role of Cooperate Sector in Higher Education
- Narayan Murthi committee Report:
- It acknowledges the role of private initiatives in higher education sector. It had made the following recommendations
- Free land for 999 years
- 300% deduction in taxable incomes to companies for contributing towards boosting higher education
- 10 years multiple entry visas for foreign research scholars
- RS 1000 crore scholarship fund (with tax exemption for corporate sector contributions) to promote greater accessibility of higher education to the underprivileged
- Way Ahead
- Reexamination of budgetary resources to higher education
- Policy interaction to ensure funding from banks and financial institutions
- MHRD should worth in cooperation with MCA to incentivize CSR funding to higher education institutions
- Ensure transparency in the system and promote robust institution building.
