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Union Budget 2016 to empower higher educational institutions, Fr. E. Abraham

Jamshedpur, Feb. 29: “We are delighted that the government has taken a decision to empower higher educational institutions to help them become world class teaching and research institutions by seeking to put in place an enabling regulatory architecture so that ten public and ten private institutions may emerge as world-class teaching and research Institutions.

This move is definitely a step in the right direction,” said Fr. E. Abraham S.J., Director of XLRI- Xavier School of Management, in his note on the Union Budget for 2016-17 on Monday.

According to Father Abraham, top-tier, privately managed management education institutions have been adversely impacted in recent times as a consequence of the prevailing, differentiated, non-level playing ground policy framework vis-a-vis government-funded IIMs.

“We also welcome the decision to set up a Higher Education Financing Agency (HEFA) with an initial capital base of Rs.1,000 crore. Currently, top-tier, privately managed management educations have to finance all capital expenditure like campus expansion, classrooms up gradation etc. through internal accruals.

On the other hand, government-funded IIMs are extended financial support by the government for various capital expenditure initiatives,” the XLRI head commented.

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