With Finance Minister Nirmala Sitharaman set to unveil the interim budget on February 1, the Higher Education sector in India is abuzz with expectations and hopes for financial measures that will propel academic growth and innovation. Higher Educational Institutions (HEIs) want increased budgetary allocations to education for research and innovation, lower interest rates on student loans and a lower tax burden for universities.

For 2023-24, the finance minister announced a record of Rs 1.12 lakh crore as expenditure on education in the budget, Rs 8,621 crore more than the budget estimate (BE) for 2022-23 and nearly 8.26 percent more than the previous budget. The higher education sector alone received Rs 44,094 crore in 2023-24, an increase of 7.9 percent from Rs 40,828 crore (Budget Estimate) in 2022-23. However, institutes say more is required. “A 10 percent increase in funding is what we are hoping to see for higher education, particularly for private universities. Additionally, we anticipate a 20 percent increase in the amount of money allocated to higher education institutions to support incubators for startups, vocational training and entrepreneurship,” said Dr Sibaram Khara, Vice Chancellor at Sharda University.

A similar view was expressed by Professor V P Singh, Director of PGDM and Professor, Great Lakes Institute of Management, Gurgaon. “Last year, the education budget saw an increase of eight percent, but this year the allocation must be increased by at least 20 percent,” he said.

As a recommendation, Khara believes the government ought to endeavour to include as many institutions as possible in the ‘Study in India’ programme’s beneficiary group and raise scholarships and seats by 100 percent.

Approved in 2018, the ‘Study in India’ programme’s primary objective is to target foreign students by branding India as an attractive education destination. As per the existing Government framework, there is a provision of 10-15 percent supernumerary seats for foreign students.

‘Support self-funded autonomous institutions’

Educators want a major part of the corpus diverted towards supporting self-funded autonomous institutions approved by the All-India Council for Technical Education (AICTE).

To be sure, the Department of Higher Education funds all premier institutes, including their regulators, such as the University Grants Commission (UGC) and AICTE. However, in 2022, the Standing Committee on Education, Women, Children, Youth and Sports observed that student financial aid schemes were not sufficient to cover the cost of higher education. This is because most expenditure from the scholarship is towards course fees.

“Keeping all this in view, we expect the Government to earmark specific funds for self-funded autonomous institutions approved by AICTE and offer the Post Graduate Diploma in Management (PGDM) degree as these institutions have to depend totally on student fees,” said Dr Madhumita Chatterji, Director, ABBS School of Management.

‘Reduce tax burden’

HEIs said they need the assistance of a variety of companies to train students in the technological skills they need in response to the constantly evolving demands of the business world.

Educational services and products are in the 18 percent Goods and Services Tax (GST) slab. “Those services that are offered to higher educational institutions ought to be provided with tax relaxation or the tax burden should be reduced from the current 18 percent to 5 percent… Education is transforming as a result of the rise of online learning and distance education,” said Koneru Satyanarayana, Chancellor of the KL Deemed to be University, adding that the possibility of tax discounts should be taken into consideration for training programmes, camps, yoga programmes and other activities.

Meanwhile, Mahindra University called for tax incentives for educational institutions investing in research and development. “This year we are anticipating that the upcoming budget will prioritise higher education by allocating increased funds for infrastructure development, research initiatives, and skill enhancement programs. A boost in financial support will enable institutions to upgrade facilities, invest in cutting-edge technologies, and attract top-tier faculty,” said Dr Yajulu Medury, Vice-Chancellor of Mahindra University.

Student loans

The Gross Enrolment Ratio (GER) in Higher Education currently stands at 27.3 percent. In 2023, enrolment in higher education increased to 4.14 crore, crossing the four-crore mark for the first time, it was an increase of 7.5 percent from 2019-20 and 21 percent from 2014-15.

However, the Union government plans to make the GER 50 percent by 2030. To achieve the same, educators are batting for affordable student loans. Interest rates on student education loans at various banks and financial services firms range from seven percent to 18 percent.

“In the upcoming budget, one approach is for the government to provide rebates on student loans, facilitating easier access for students from financially disadvantaged backgrounds to continue their studies,” said Dr Aman Mittal, Vice President of Lovely Professional University (LPU). He suggested that the government could consider paying a portion of the interest to the banks on behalf of the students, benefiting both the government and the banks.

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Entrepreneurship:

As an entrepreneur, you have the opportunity to create and build your own business from the ground up. This path offers the potential for great autonomy and the ability to shape your own vision and strategy. It requires a strong entrepreneurial mindset, risk-taking ability, and resilience to overcome challenges. However, the rewards can be significant, both in terms of financial gains and personal fulfillment. According to the Global Entrepreneurship Monitor (GEM) 2022 report, over 484 million individuals were engaged in early-stage entrepreneurship worldwide.

International Business:

With globalization, businesses are increasingly operating in a global context. A career in international business administration offers the opportunity to work in a multicultural environment, navigate cross-cultural challenges, and expand operations across borders. This path involves dealing with international trade, market analysis, global supply chains, and understanding the complexities of different markets and legal systems. It can be intellectually stimulating and provide opportunities for travel and exposure to different cultures.

Corporate Management:

Choosing a career in corporate management allows you to work within established companies and climb the corporate ladder. This path offers stability, structured career progression, and the opportunity to work with large teams and diverse projects. As a manager, you’ll be responsible for overseeing operations, making strategic decisions, and leading teams to achieve organizational goals. This career perspective provides a sense of authority, influence, and the potential for substantial financial rewards. A survey conducted by the Graduate Management Admission Council (GMAC) in 2022 reported that 88% of MBA graduates worldwide found employment in the corporate sector.

Consulting:

A career in business administration can also lead to a path in consulting. Consultants work with organizations to provide expert advice on various business challenges, such as strategy, operations, marketing, or finance. This career offers the opportunity to work with a variety of clients across different industries, gaining exposure to diverse business models and challenges. It requires strong analytical and problem-solving skills, as well as excellent communication and interpersonal abilities.

Nonprofit Management:

Business administration skills are highly transferable and can be applied in the non-profit sector. Working in non-profit management allows you to make a positive impact on society while applying your business knowledge to drive social change. This career perspective offers the opportunity to work with mission-driven organizations, manage budgets and fundraising efforts, and develop strategies to maximize the organization’s impact. It can be personally rewarding to see the direct results of your work in helping others. The BLS also estimated that there would be a demand for approximately 505,000 new management positions during the same period.

In conclusion, exploring career paths in business administration can lead you down exciting and diverse avenues, ranging from entrepreneurship to corporate management. Whether you crave the autonomy and creativity of being an entrepreneur, the stability and resources of corporate management, or the analytical challenges of consulting, there is a path that aligns with your interests and ambitions. Each path comes with its own set of unique opportunities and experiences, allowing you to develop a broad skill set, make a positive impact, and grow both professionally and personally. Remember to assess your strengths, passions, and long-term goals as you navigate these career paths, and be open to the possibility of transitioning between them as your journey unfolds. With determination, continuous learning, and a commitment to excellence, you can forge a rewarding career in the dynamic and ever-evolving world of business administration.

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The third edition of E-Summit, the Entrepreneurship Summit of IIM Udaipur, was inaugurated on January 23rd, 2022. Like all the events on campus, the event is organized by the students of IIMU, and the theme for E-Summit ’22 is ‘Zilch to Zillion: Celebrating a Decade of Unicorns’.

The event began with an opening address by IIMU Director Professor Janat Shah.

The event then proceeded to an address by the Keynote Speaker Mr. Arjun Mohan (CEO, upGrad), followed by Mr. Amit Kumar Agarwal (Founder & CEO, NoBroker.com), Mr. Pranay Yadav (Investor, ACCEL). The event then advanced to an Investor Panel discussion moderated by Prof. Rajesh Pandit with Mr. Pranay Yadav, Investor, Accel, Mr. Akash Khandelwal, Investor, Tanglin, and Mr. Rahul Gupta, Investor, Times Internet in the panel. They shared their insights on fundraising, new investment models, and talent pool.

Mr. Yashish Dahiya (Co-founder and Group CEO, PolicyBazzar.com), the Mega Speaker of the day, addressed the participants by discussing his journey and stressing the need to create a tech-enabled business that is globally scalable. Post this, a founder panel discussion on Scaling Up Businesses moderated by Prof. Himanshu Warudkar was organized. The panelists, Mr. Vaibhav Sisinty (Founder, GrowthSchool), Mr. Tejas Gawande (Co-founder, Chronicle), and Mr. Anubhav Goyal (Investor, Chiratae Ventures, Formerly IDG Ventures India), shared their views on a range of topics, such as growth hacking, the importance of polishing one’s inherent storytelling skills, and the implementation of rapid experimentation in businesses.

The Eminent Speaker of the day, Mr. Prashant Pitti (Co-Founder, EaseMyTrip.com), shared his insights on ‘the B2B to B2C transition of EasemyTrip.com’. For the day’s final panel, a founder panel discussion, was moderated by Sriram Iyer (Editor in Chief, Business Insider India). The panellists, Mr. Prashant Pitti (Co-founder, EasemyTrip.com) and Mr. Ishan Bansal (Co-founder, Groww), shared their insights on the factors that led to so many unicorns in 2021.

The summit concluded with an epilogue from Mr. Ishan Bansal (Co-founder, Groww), where he discussed entrepreneurship and starting up in India.

Sponsored by Secure Meters, E-Summit also included events and competitions for the students, namely, the 9^th edition of their startup competition Prarambh ’22.

The summit was also assisted by multiple prominent brands, including TiE, Udaipur (associate partner), Rajasthan Venture Capital Fund (RVCF) (startup grant partner), Business Insider India (insight partner), AWS (cloud partner), InACan (experience partner), Ugaoo (gifting partner), Pagalguy (online media partner) and Bombay Shaving Company (grooming partner).

Indian Institute of Management, Udaipur, has always been committed to its students’; holistic growth, and via this E-Summit, it aims to groom the students into future leaders.

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When these words are viewed in the context of socio-economic development of India, they form the very foundation on which all collaborations and multi-stakeholder interventions are built.

As per MSME report 2019, the nation realized the impact women have had on the world over the years when Oxford Dictionary named Nari Shakti in 2018. Bain & Co. and Google 2019 report it was found that around 59% of women take up entrepreneurship to lessen their reliance on a husband or family and to achieve independence. India, being a substantial and heterogeneous country, has its share of women entrepreneurs who utilize entrepreneurial opportunities concurrently promoting their business mainly motivated by their concern for the environment.

To delve deeper into the issue of women entrepreneurship, a three day women entrepreneurship training and skill development programme was organized by Tameer Educational and Welfare Trust in collaboration with Maeeshat Academy, Career Designer 360 and Abacus Scholar on the 18th, 19th and 25th of September, 2021.

The training program was conducted by well-trained experts in different fields of business.

Sania Sami, Research scholar, discussed the major motivational factors, business and general problems and crucial outcomes of entrepreneurship in the economy as well as at the individual level.

Danish Reyaz, Director of Maeeshat Academy, enlighten women about the importance of bearing the uncertainty and taking calculative risks in business.

Rajkumar Pal, owner of Bureau Global Certification, discussed the significance of getting ones’ business legalized through registration. He focused on different rules and regulations and procedures encircling different business ventures to promote independence among women to get their legal formalities done for their business through themselves.

During the last leg of the session, Rukhshi Kadiri Elias, admin of Taajira (FB women entrepreneur group), articulated the importance of achieving work-life balance concerning both physical, mental health as well as societal health. She shared her escapade about the same. She postulated “beneath a hijab, there is a cognitive mind” and one needs to maneuvered the same to identify and exploit the opportunities. She further discussed the crucial facets of living a healthy life viz., self-love, family-time, work-life, socially-active and lastly entertainment. She further motivated women to love and appreciate other women on a note that it is always beautiful to appreciate others, support others and grow with others.

Huzaifa Arshad of Career Designer 360, apprised women of sophisticated digital tools required to promote ones’ business. He propounded different digital apps and software such as Canva, Video Guru, Movavi, Digital Showroom. VidIQ were few to name.

The chief guests of the programme

Shakil Ahmed – (WBCS Executive) Special Secretary Minority Affairs and Madrasah Education Govt of West Bengal

Dr. Nayeem Anis– HOD of Urdu Department Calcutta Girls’ College

Ms. Nikhat Sultana– Principal of Genius National School

Dr.Shabtab Khalid– Wellness Couch and Soul Clinic proprietor

Umar Awais– President of Human Care Trust

Mrs. Saba Islam– founder of Happy Mommy Place and parenting coach

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From left to Right Dr. Dharam Verma, Director, JSWS, Shri Nitin Ambaselkar , Treasurer, JSWS, Shri  Hari Mohan Gupta, Chancellor,JLU, Shri  Abhishek Mohan Gupta, Pro Chancellor, JLU and Mr. Sanjeev Saxena, Board of Director JLU, Director Projects JSWS

Bhopal: 9th June 2021: Jagran Lakecity University (JLU), Bhopal, was conferred with the revered overall ‘Diamond’ rating by QS I-GAUGE, a comprehensive, independent and international rating system for India’s universities and colleges. JLU was rated amongst the top 25 universities in India and became the 1st and the only university in Madhya Pradesh and Chhattisgarh to get this Diamond rating. QS I-GAUGE is a globally recognised university rating system, which has expertise, experience, and reputation of the UK based (QS) Quacquarelli Symonds, along with deep local knowledge of luminaries from Indian education.

The QS I-GAUGE rating system evaluated the performance of Jagran Lakecity University, Bhopal in different aspects, benchmarking them to the global higher education parameters and rated it in the prestigious ‘Diamond’ rating category.

The University has been awarded a ‘Platinum’ rating in Teaching & Learning, Employability, and Entrepreneurship and ‘Diamond’ rating in the quality of faculty and infrastructural facilities.  The customized ‘Learning Management System’ (LMS) of JLU was also appreciated by the auditors.

Jagran Lakecity University was also the recipient of the QS I-Gauge E-Learning Excellence for Academic Digitisation (E-Lead) Certification 2020, a testimony to its readiness for digital learning.

Shri Hari Mohan Gupta, Chancellor, Jagran Lakecity University, while receiving the honour at a  graceful announcement ceremony observed, “For us, the best recognition always comes through the success stories of our students. The more lives we touch and enlighten with education of an international quality, the more rewarded we feel”. He further added, “I am delighted that QS I-GAUGE has truly recognised our efforts in this direction and placed us in the top 25 universities of India with this recognition.”  

The ceremony was also attended by Mr. Ashwin Fernandes, Regional Director for QS Quacquarelli Symonds in Middle East, North Africa & South Asia, and CEO for QS I∙GAUGE Rating System, Mr. Abhishek Mohan Gupta, Pro-Chancellor, JLU, Dr. Sandeep Shastri, Vice Chancellor, JLU, and Dr. Vivek Khare, Registrar, JLU.

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No age is too early to introduce these basic principles of empathy, problem solution, creative thinking and persistence in task achievement. The earlier the better. Creating a running business requires more sophisticated thinking and mental constructs and come later on, but the basic ability to see issues from others’ vantage points, to be curious about the world around us, the drive to find solutions and solve puzzles are all traits that can and should be fostered as early as possible.

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We have to revert to using tactile toys and play material for our junior school learners

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In today’s’ device-driven world, we are raising entire generations on virtual experiences, with no operative connection to the real world, to nature, to people around or contexts other than their own. This lack of connection will create an epidemic of dis-connected client list citizens, aware only of their wants and no idea of their responsibilities or how to achieve them.

Learning by doing is the way to go. We have to revert to using tactile toys and play material for our junior school learners. We also have to increase the amount of unstructured play at the kindergarten and primary school levels.

As our young learners progress through the school system and become adept at responding to situations around them, by grade/class 4-6, basic principles of product/service development and money management can be introduced. By the time they enter high school (class 7-8), they are ready to be introduced to basic economics principles, people management, and bookkeeping.

This is likely to also increase the proportion of our young people opting for strong vocational careers and turn entrepreneurs and job givers rather than job seekers.

Leading economies such as Switzerland or Germany reveal that the majority of job creation happens within small and medium-sized enterprises and a majority of small enterprises are created by young professionals from hundreds of trades / vocational occupations who are a product of the very efficient and organized apprentice and formal training systems.

The workplace of the future will be defined by flexibility, technology, and modularisation. The majority of jobs will require specific skills, superior coordination, and team working abilities. Emotional maturity, self-management, and efficiency will be key. Results will trump process. Data availability, therefore, AI will increasingly structure interaction for project management and task achievement. Learning by doing, ‘agile’, lean approaches to problem definition and solution and quick turnarounds will take centre stage.

Prof.IshwarHaritas

Head and Coordinator: TAPMI Centre for Inclusive

Growth and Competitiveness

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The capability and temperament, to develop, organise and manage a business venture together with any of its risks in order to form profit, is seen in our youth.

With the amount of energy and enthusiasm, this generation can achieve so much more than they aspire to.
Some characteristics are considered indispensable in an entrepreneur.
These are as follows-

✓ Ability to take risks
Starting up a venture involves a considerable amount of risk, courage and capacity to take the said risk.

✓ Creative and Innovative
One should be able to generate new ideas to give a push start to the business, as well as to achieve profit.
For example, innovation of touch screen mobiles, iPad, iPod, etc.

✓ Visionary
Every entrepreneur should have their vision, a long term plan, the greater goal in mind. That’s the root of their business; without a vision, the entrepreneur would be working aimlessly and would have no goal to reach.

✓ Leadership Qualities
To start a business, one requires vision and to fulfill the vision, one requires a lot of resources. One of the very important resources is Human Resource, i.e., employees.
An entrepreneur should have the confidence to lead a team of dedicated people to achieve profits.

✓ Self-confident
A young budding entrepreneur should be confident about his ideas and work. This inspires confidence in his co-workers and people working for him/her.

✓ Well informed
This confidence comes from being thoroughly informed about the industry and its environment. Having knowledge about legal and political policies can really help an entrepreneur in making the right decision at the right time.

A few years back entrepreneurship was all about AMBANI and TATA.
With hundreds of brilliant minds having their own startups by the day, the decade is all about these incredible youth minds.

Young people are the most inspiring as they have the will to take big steps towards their dreams. It’s their eagerness to succeed in the entrepreneurship era that mesmerizes most of us. They make us realize that it is never too late to pursue our passion. Following are some of the most popular and successful young entrepreneurs in India.

• Ritesh Agarwal
  Never too interested in studies, he dropped out of school at the age of 18. His initial plan was a budget hotel chain that provides B&B, called Oravel stays. When he realized it wasn’t a very common thing, he came up with OYO Rooms in 2013! He’s one of the most successful entrepreneurs in India. He started his entrepreneurial journey at the age of 17 years.

• Shravan and Sanjay Kumaran
  Brothers of age 15 and 17 years respectively, they are two of the youngest entrepreneurs of India.
  They came up with a company called GoDimensions, together.
  The duo is one of the youngest app developers in India. Their dream and goal is to have their apps installed on at least half of the world’s smartphones. This duo has already developed 11 apps which have about 60,000 downloads worldwide across 60 countries!

By Swasti Kunwar

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By R Krishnaveni

What it is to be like Researchpreneur? What challenges do you encounter on a daily basis?

Researchpreneur is a term coined by me as a vision for transforming the world with researchers and entrepreneurs in working together for solving complex problems. The education system in India, esp. the higher education system needed a lot of focus towards a righteous method of innovation and culture of doing research. PhDs have huge potential to do some phenomenal and groundbreaking research which can be taken up by entrepreneurs for solving the biggest problems of the world- Food, Water, Air, Health, and Energy. Hence Researchpreneur was started and I took the lead to walk my talk to attract more researchers and entrepreneurs to solve the problems in a collaborative manner.

What is the reason behind starting the ForeignAdmits?

Being a PhD student at IIT B Monash Research Academy, and having experienced the hardships, I realized the need for right career guidance. After doing research with more than 100 students, the important reason found was initial improper and substandard offshore guidance. So, I and my co-founder started ForeignAdmits with very personalized and direct mentoring by target university mentors.

Why do you want students to choose ForeignAdmits in assisting them? How unique is your process?

With AI & ML powered profile evaluation, smart dashboard, this platform can save more than 3 weeks of hard work of students. We do an initial free profile evaluation and an orientation call and post that we recommend the right services they will need from us.

What piece of advice would you give to the students who are aiming to work in Research & Development?

The students must have a thorough understanding of the basics. Learning methodologies are transforming with time and pursuing an education in the right place is very important. The real R&D is done with more practical knowledge and understanding which will ultimately open up more pathways for your career.

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