The academic landscape in India is buzzing with anticipation following the government’s recent decision to allow foreign universities to establish campuses within the country. Faculty will have the opportunity to collaborate with some of the world’s most esteemed academics, while students can access world-class education at affordable price points.
This development promises a transformative shift in higher education in India that will see a step change with the arrival of these prestigious institutions.
India, the world’s fifth-largest economy with a GDP of $3.95 trillion, is on a trajectory to become the third largest by 2030-31, growing at approximately 7 per cent annually. Boasting the second-largest higher education system globally, India has around 56,000 institutions and an annual intake exceeding 40 million students.
Yet, the country’s Gross Enrolment Ratio (GER) in higher education remains a modest 27 per cent. India has set an ambitious target to boost this figure to 50 per cent by 2035 – a feat that can be achieved through high-quality international collaborations.
There is also a shortage of skilled workers in India. This shortfall is driven by the rapid growth of the economy, the changing demographics, and geopolitical imperatives.
Sectors such as healthcare, green manufacturing, sustainable development, food processing, and artificial intelligence are emerging as pivotal areas for growth, demanding effective leadership to secure India’s future.
Recognising this necessity, the government’s 2023 policy move to permit foreign universities to establish for-profit campuses in India is a significant milestone. This policy will grant Indian students more affordable access to quality education.
The education sector in India, currently valued at $200 billion, is projected to surpass $300 billion by 2030, with higher education expected to contribute nearly half of this market. The significant investment by these overseas campuses is expected to contribute to India’s goal of becoming a developed nation.
With offerings in emerging fields like artificial intelligence, machine learning, deep learning, and data analytics, these institutions are equipping students with the skills required across virtually every industry and business sector.
Foreign universities can set up their campuses in India either independently or through joint ventures with local institutions of comparable standing. In the case of collaboration with local institutions, they can offer dual degrees, joint degrees, or twinning programmes, which provide learners with unique opportunities.
Prestigious Indian business schools are already collaborating with global leaders, affording students exposure to top industry and government minds. These partnerships cultivate future-ready leaders, as learners forge connections that will benefit them when they step into global roles.
Currently, more than 400 foreign universities are partnering with Indian institutions to offer courses ranging from engineering, health sciences, and management to programmes in computer science, AI, ML, and bioinformatics.
Graduates from these programmes enjoy a competitive edge in the job market. With India’s growing global influence, foreign investment in India has increased, and many international organisations have established substantial operations here.
Organisations naturally seek out talent well-versed in international business culture, making these graduates highly sought after.
Moreover, Higher EdTech platforms offer international programmes that professionals can pursue without leaving India. These programmes cater to specialised management sectors, including the Wharton Online & Wall Street Prep Private Equity Certificate Programme, which targets mid-career executives, and the Certificate in Quantitative Finance (CQF) by Fitch Learning, designed for those aspiring to master quantitative finance and machine learning.
The London School of Economics and Political Science also offers a Business Analytics Certificate for Executives, aimed at advancing data analysts in their careers. The flexibility offered by such online platforms allows learners to complete courses at their own pace, balancing personal and professional commitments.
This is undoubtedly a mutually beneficial scenario. As overseas institutions gain access to India’s burgeoning aspirational class, Indian universities have done an excellent job of grooming talent over the last 75 years but must now adapt to a globally connected world.
Staying updated with the latest developments in business, technology, and management requires more than just reading or taking sabbaticals. Continuous engagement with industry experts enables institutions to deliver outcomes that blend international standards with local cultural nuances.
As they adapt to new expectations, Indian institutions will enhance their profiles, improving infrastructure and course offerings through new capital inflows. Such progress will lead to a higher standard of education, preparing India to meet the demands of a dynamic global economy. This is indeed a time of exciting transformation for Indian higher education.