Introduction
The most essential part of Indian culture is education. In ancient India, gurus or teachers had a great influence on their students. The act of imparting education was not considered a business.
Then students had no financial pressure in terms of education. India was an ideal destination of higher studies since students and teachers were inclined to financial issues. During British regime, the transformation of education was undertaken because they thought that free education had no values to the natives.
Jawaharlal Nehru, the first Prime Minister of India, however, ensured that in spite of insufficiency of funds the institutions were open to the best-in-class minds. Liberal state grants made this possible by ensuring a small amount of fees for students. This system worked well till the structure was begun to change in 1990s. The free Indian economy made it compulsory to look into the matter of education with up-todate mindset. Hence, the time to update higher education had begun. At first, the change of economy made students to complete their college education to gain skills and relevant testimonials. This department invested a huge amount of money to train the younger generation with a view to enabling them work with new technologies and management practices. Moreover, India had an average record in the prospect of higher education. It had even no sign to continue with the purpose of lifting the economy to growing trajectory. Under such circumstances, the government did not appear to be dependable even the public funds were insufficient.
Status
At this crucial juncture, the credit-based education system emerged. Simultaneously, the higher paying jobs too enhanced the process of change and as a result, students were interested to pay more for higher studies. In addition to this, the amalgamation of the domestic economy with that of the world boosted the rate of migration of the qualified people including even teachers for brighter prospects. With the passage of time the tendency of huge investment in private institutions was increased. The government institutions and banks took the advantage of the opportunity by raining the fee. During this time, a large number of foreign universities were established in India.
Opportunities
The higher education system on the basis of credit has the prospect to groom best-inclass human resources. Once the ultra-modern infrastructure is built, it would base the retention of the required world-class teachers and ensure positive feedback mechanism from students. The model has the potential to improve the soft skills of India immensely and that could go overseas and even develop a different identity altogether.
Challenges
There are some grave concerns that call for urgent attention. The system definitely creates lots of pressure on the students disregarding their sensitivity because of the higher stakes in the new system. Some students are compelled to commit suicide or take other drastic steps being unable to bear the depression caused by the pay back credit drives. The other disadvantage is that both students and their guardians are at the mercy of colleges because of the effective regulatory mechanism. Even an average institution charges higher fee pretending a good institution. Here paid rankings are common which the darker side of information circulation. As a result, some institutions cannot be discredited because of their coexistence. At last, students would have to be in search of research-oriented jobs as well as lucrative side of the market. The higher fees are the bar to the poor students to enter the best management colleges. With the objective of making the system effective, the introduction of regulatory mechanism is a must. Without establishing the effective checks and balances system, it cannot be ensured that India is a true powerhouse of education. Despite the remarkable growth of engineering and Information Technology, the provision of large incentives for the growth of India, especially in the fields of research and development, worldwide is a far cry.
Conclusion
The credit-based higher education system is the trend of the day. Although it provides great potential to India’s future, yet only the sufficient steps relevant to the concerns can ensure the growth of education sector in near future.