'Indian businessmen, who probably because of meltdown do not get profit anywhere, want to get profit out of education. I will stand as a rock to ensure it does not happen," he said.
Asserting that education would remain a not-for-profit sector, HRD Minister Kapil Sibal today made it clear that government will never allow profiteering in education that would go as dividends to the share holders.
"Let us be clear that Indian businessmen, who probably because of meltdown do not get profit anywhere, want to get profit out of education. I, as a minister, will stand as a rock to ensure it does not happen," he said.
Sibal was speaking at an interactive session on 'Changing face of Indian education', organised here by FICCI Ladies Organisation.
He said educational institutions can make profit, which has to be ploughed back to the institution for its development.
"But we cannot risk the career of students to the fortune of stock market. We cannot allow profit going back to the share holders as dividend," Sibal said to a question on why the government should not allow education to become a profiteering business segment.
He emphatically said that no country in the world allows profiteering in education.
"Which country allows making profit from education? No country.
Harvard is a trust, Yale is a trust. Stanford is a trust. Mr Stanford is not known for his business, but for his philanthropy," the minister said.
About the ministry's expectation from the coming Union budget, Sibal said the government gives huge priority to education and allocation will not be "disappointing".
He said investment in education is key to creation of knowledge which will ultimately translate into wealth and lamented that about 88 per cent of the children, who enrol in schools, do not reach universities.
The government wants to bring in a new higher education regime under which new universities will be given recognition once they create facilities for research and innovation, Sibal said.
He said foreign educational institutions are interested in creation of knowledge and they would come here when an appropriate environment is created.
Sibal favoured changes in the teaching methods and examination system.
To a question on opposition to the semester system in certain universities, he said such problems are faced when there is a change in the system.
Sibal said the government is a preparing a policy to facilitate use of existing school buildings by private sector for skill development and training.
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