It has been a norm in India that every now and than we hear someone known going abroad to settle after graduating in India either for further studies or direct jobs, the most lucrative and first choice of everyone is usually the United States of America, which attract most of well qualified and skilled young brains of India.
It was also a debatable issue when ISRO (Indian Space research organization) successfully landed Chandrayaan-3 on the moon becoming 4th country to do so, that none of them were an IITian despite the IITs being known to have best brains of the country. That really put the point forward on, does the IITs really need to have subsidized education, can't the student loan be an option? Why the government needs to spend tax payers money on making engineers who work for the western economies after graduation?
In a a interview with ISRO Chairman Dr. S. Somnath, he revealed, most IIT graduates are reluctant to join ISRO, primary reason being the salary structure. Dr. Somnath said that during a recruitment session at IIT, 60% of students left when they learned about the maximum salary offered by ISRO and that only around 1% of individuals who consider space an essential field opt to join ISRO. It is believed that the maximum salary ISRO could offer is Rs 2.5 lakh and basic salary is around Rs. 56,000.
(As per the reports of India.com )
Average intake of IITs is 9,885 students per year, total coming to around - 9,885 X 4 = 39,540 students. The Cost of educating an IITian per year Rs 3.4 lakhs while students pay Rs 90,000 per year, that means the cost borne by the goverment per IITian is Rs 2.5 lakhs taking total to 39,540 X Rs 2.5 lakh = Rs 988.5 crores. (these figures are rounded off and approximate)
However, around One-third of those graduating from the country’s prestigious engineering schools, particularly the Indian Institutes of Technology (IITs), migrate abroad.
As per the, US-based National Bureau of Economic Research (NBER), the highly-skilled persons account for 65% of the migrants heading to the US alone from India. Nine out of 10 top scorers in the annual joint entrance examination (JEE or some call it AIEEE) held nationally for admission to the IITs and other reputed engineering colleges have migrated and up to 36% of the top 1,000 scorers too left India. (Source: qz.com)
So, seeing these figures it can be concluded that Indian tax payer is producing engineers who work for western economies in return. The only benefit India gets is the remittances, that is the money the people living abroad send back home to their families or relatives.
Also, the IIT students can easily get collateral-free loans from nationalized banks up to Rs 20 lakh and government can also provide facilities for education loans which are on less interest rates for people who get selected for these institutions. Why taxpayers money should be used to pay fee?
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By: Ashutosh Garg
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