Asking the young talent to contribute in building India, Union Finance Minister P Chidambaram on Sunday asked country's human resources to return back after spending few years in other parts of the world to meet challenges of their own country.
"After 11, 12 months your (students) temptation is to migrate to USA or elsewhere in the world...it is a legitimate desire...Indian human resources will find opportunities all over the world...seize these opprtunities...spend few years...but please remember that there is no other place in the world which can challenge you (students) like India," he told an august gathering after formally inaugurating the Indian School of Business (ISB) campus here.
"Spend a few years wherever you feel whether in USA, Europe, Latin America, East Asia or Africa, but please remember it is only India and no other place that can challenge you (students)," he said.
He asked the young talent to ask themselves a few questions as to where in other country of the world one need to add 1,00,000 MW of power, construct thousands of kms of roads, bring drinking water and sanitation to over 700 million of people.
"The greatest challenge is to build India," he said referring to the brain drain.
"At some stage or the other return back and help build India...challenge is not only in business but elsewhere too," he said.
Expressing concern over "limited world class institutions" in the country, he said that he had exhausted all five fingers of one of his hand in listing these institutions.
"We have one institution of world class in Science, a couple in engineering and technology, one in Mathematics and one in international studies," he said, adding that the country need to build world class institutions.
Talent is distributed throughout the country, Chidambaram said, adding that the important task is to build world class institutions as is reflected in the ISB.
He urged the managements of the world class institutions not to compromise on merit during entry level of students.
The Union Finance minister said that his ministry was committed to education loan programme by the banks.
"24 lakh students in India have borrowed loan for education and the outstanding amount with the banks is to the tune of Rs 52,000 crore," he said, adding that banks must lend more money for the purpose of education.
Chidambaram regretted that hardly anyone comes back to build power sector or other areas back in India.
He said that the government would romp individuals outside it to build something new for the country.
"Help government to do its work," he told the young talent.
Hailing business houses for investing in education, Chidambaram said that "what they get out of business is far less satisfying than what they give to the society."
He said that talent is enormous in the country what is missing is opportunity. "There is huge talent in India, but the opportunities are limited," he added.
There is imbalance between the talent available and the opportunity prevalent in the country, Chidambaram said.
He said that there was a need to have 18 universities in Punjab as against eight being recently set up and at least 80 universities in the country.
The Union minister regretted that the universities and colleges in the country are becoming "teaching shops." "There is poor infrastructure, unqualified staff, outdated text books, untrained personnel and poor methodology is adopted to teach students," he said.
The event was also attended by a high profile gathering including the Chairman of the ISB, Adi Godrej and founding board members of the Mohali campus, Analjit Singh, Rakesh Bharti Mittal, Sunil Kant Munjal and Atul Punj, other members of the ISB Executive Board, senior government officials, business leaders, faculty and representatives from the ISB's Associate Schools, students, alumni and staff.
Endorsing the Board's support, Adi Godrej, Chairman, ISB, said, "Our expansion into Mohali, allowing for a greater geographic outreach apart, has given us an opportunity to foray into important new areas – Manufacturing, Healthcare, Infrastructure and Public Policy – through the specific institutes set up for the purpose.
"This, we believe will provide a significant fillip to nurturing talent and research in areas critical to India's development".
The dignitaries unveiled a plaque to commemorate the occasion. The plaque was designed and created by Padmashree Nek Chand Saini, the creator of the iconic Rock Garden of Chandigarh.
Speaking at the occasion, Ajit Rangnekar, Dean, ISB said, "The inauguration of our Mohali campus is an important milestone in the ISB's eleven year successful history of setting benchmarks in the field of management education".
The ISB operates one school with two campuses in Hyderabad and Mohali and has a unified governance structure, with the ISB Executive Board overseeing and supporting both the campuses.