“ FOREIGN DIRECT INVESTMENT IN LEGAL EDUCATION ”

MISS.AISHWARYA.P.KULKARNI

LL.M

SR.NO CONTENTS PAGENO

1 INTRODUCTION

2 RATIONAL AND SIGNIFICANCE OF THE STUDY

3 LITRATURE REVIEW

4 OBJECTIVE OF THE STUDY

5 HYPOTHESIS

6 RESEARCH METHODOLOGY

7 PRAPOSED CHAPTERISATION

8

REFRANCESBIBLOGRAPHY: WEBLOGRAPHY:

INTRODUCTION After independence in India 1947, FDI gained attention of

the policy makers for acquiring advanced technology and tomobilize foreign exchange resources. In order to boost the FDIinflows in the country Indian government allowing frequent equityparticipation to foreign enterprises apart from provides manyincentives such as tax concessions, simplification of licensingprocedures and de-reserving some industries like drugs,fertilizers, aluminum etc. But due to significant outflow offoreign reserve in the form of remittances of dividends, profits,royalties etc in 1973 government of India set up ForeignInvestment Board and enacted Foreign Exchange Regulation Act inorder to regulate flow of FDI to India.

Further Government of India set up Foreign InvestmentPromotion Board (FIPB) for processing of FDI proposals in India.The Board is the apex inter-ministerial body of the CentralGovernment that deals with proposals relating to FDI into Indiafor projects or sectors that do not qualify for automaticapproval by the Reserve Bank of India (RBI) or are outside theparameters of the existing FDI policy

Foreign Direct Investment (FDI) in one economy is “a

category of international investment made by a resident entity in

one economy with the objective of establishing a lasting interest

in an enterprise resident in an economy other that of the

investor. Lasting interest implies the existence of a long-term

relationship between the direct investor on the management of the

direct investment enterprise Many studies have been conducted on

the effect of FDI, on economic growth in a cross-country

regression framework, utilizing data on FDI flows from industrial

countries to 69 developing countries over the previous two

decades. The results suggest that FDI is an important vehicle for

the transfer of technology, contributing more to growth than

domestic investment. Consequently, there is keen competition

among developed and developing countries to attract FDI

RATIONAL AND SIGNIFICANCE OF THESTUDY

Foreign direct investment is direct investment by a companylocated in another Country either by buying a company in the country or by expanding operations of an existing Business in thecountry. Foreign direct investment is done for many reasons including to take Advantage of cheaper wages in the country, special investment privileges such as tax exemptions offered by the country as an incentive to gain tariff-free access to the markets of the country or the region

Foreign direct investment is a passive investment in the securities of another country such as stocks and bonds and also known as portfolio investment. FDI explains about the net inflowsof investment to acquire a management interest and also

management control and profit sharing as a part of the national accounts of a country. .

The foreign direct investment involves the transfer of technology and expertise, and participation in the joint venture and management. Foreign direct investment provides highly productive advantages both governmental and private companies andorganizations of all over the world. Foreign direct investment isprofitable both to the country receiving investment (foreign capital and funds) and the investors

India has one of the world's largest education systems, which includes 1.3 million schools, 30,000 colleges and 542 universities. In last year's budget (2011-2012), Finance MinisterPranab Mukherjee allocated Rs 52,057 core for the sector. The size of the public education sector is $40 billion and the private sector amounted to $60 billion in 2011. Current law allows 100 per cent FDI in education.

According to the Confederation of Indian Industry (CII), another simple and best way to attract private investment in higher education is possible through foreign direct investment (FDI), and for those certain amendments to be made in the ForeignCurrency Regulation Act (FCRA). There is an expectation that FDI would reach US$ 1000 million this year. Foreign investment considered in several types such as Portfolio investment, foreignloans and foreign direct investment are the three important classifications. Out of these foreign direct investments in industry and services are the most useful.

As India wants to increase its higher education enrollment by nearly 30 million in a decade.India's education sector at presenthas a good percentage of private partnership which would help a rapid expansion in the sector. Still an increased emphasis on public private partnership (PPP) model to compensate the shortfall in existing resources is expected through specific

budgetary allocations for public–private partnerships and fiscal benefits for PPP projects.A way to attract private investment in higher education, is to promote Foreign Direct Investment (FDI), by making certain changes in the Foreign Currency Regulation Act (FCRA).Even though the current law allows 100 per cent FDI in education, for-profit entities are not allowed to get licences from the University Grants Commission and the All India Council for Technical Education (AICTE). They function as private universities under acts of various state governments.Indian education sector is one of world's largest, comprising 1.3 million schools, 30,000 colleges and 542 universities.It is estimated that the size of the public education sector in India is $40 billion and the private sector amounted to $60 billion in 2011. So, let's hope the Union Budget 2012-13 would effectively level out some of the key issues pertaining to the education sector.

1

REVIEW OF LITRATURE

According to Prime Minister Manmohan Singh :4 "I believe that this phase of slow growth in India will not last long... The average rate of economic growth that we have attained in the lastnine years (7.9 per cent) shows what we are. The slowdown in Indian economy will not last long as government is working hard to remedy the situation

According to V.C of Infosys5: The cabinet has recently approved proposals raising FDI caps in several sectors and permitting higher limits in others after approval from the Foreign Investment Promotion Board. More sectors were brought in under the automatic route which requires only notification to the RBI. The enactment of a contemporary Companies Bill would also attractFDIThese steps are timely and would help contain the current account deficit that has gone up to 4.8% of GDP. But FDI in Indiashould not be viewed merely through the narrow prism of foreign 1 http://scholar.lib.vt.edu/theses/available/etd-05072002-000731/unrestricted/ch3-LitReview.pdf (7/8/2013) (5.00pm)2) SR MYNINI International economics pg no.79 (Allahabad law agency 2000 2nd editn)

exchange. Foreign companies add to investible resources, bridge the gap between domestic savings and investments, provide jobs and contribute to tax revenues. Importantly, FDI brings in technology and best management practices, often slotting into global supply chains with a demonstration impact on Indian companies .Since India allowed 100% FDI in most sectors in 2000, the inflow of foreign funds has progressively increased, from $9 billion in 2005-06 to $46.6 billion in 2011-12, a new high. However, in 2012-13 FDI dropped to $36.9 billion. Accumulated FDIflows to India between April 2000 and March 2013 defined as per international best practices amounted to over $290 billion.

According to data from the World Investment Report5 of UNCTAD, India`s FDI inflow was just 4.3% of its gross fixed capital formation as compared to the global average of 8.3%. Also, FDI stocks as a percentage of GDP stand at 12.2% in contrast to the ratio for developing economies at 30.4%. As we can see, there is considerable scope for India to expand FDI.

According to the Article published in Hindu business Line2: Everyyear nearly 0.4 million Indians go abroad for higher studies spending approximately $12 billion. This leads to not only loss of foreign exchange, but also brain drain as most of these students rarely come back to India after completing their courses.The primary reason for a large number of students seekingprofessional education abroad is lack of capacity in Indian institutions. There is no doubt that the situation in Government-run universities in India is not so good. Also, with increasing enrolment in higher education, it is not possible for the Government to provide higher education on its own.But, private institutions are also not up to the mark. Many don’t have experience and many are trying to just gain money without

quality.Foreign investment in this field will not only check brain drain, it will also help to balance the demand-supply ratio. It will develop competitiveness among private universitiesto deliver better quality. It will also generate employment and result in inflow of money instead of outflow.

According to S.Gopalkrishnan2 The cabinet has recently approved proposals raising FDI caps in several sectors and permitting higherlimits in others after approval from the Foreign Investment Promotion Board. More sectors were brought in under the automatic route which requires only notification to the RBI. The enactment ofa contemporary Companies Bill would also attract FDI

2

2 3 Prerana mehara” taking higher education higher” Indian business line aprill 17 2013 4)Manmohan singh “economic slowdown will not last long “india business august 15 2013 5)v.c of Infosys “Indian economy” times of india 12 august 2013 6) s gopal krishanan”india must attract more fdi times of india 12 august 2013

OBJECTIVE OF THE STUDY

1. To study the current trends and patterns of flow of FDI towards education sector

2. To study the opportunities of FDI in education sector inIndia

3. To study the challenges of FDI in education sector in India

4. To study the need of FDI in education in India

HYPOTHESIS OF RESEARCH

1. FDI has come to play a major role in the internationalization of business.

2. FDI as a strategic component of investment is needed byIndia for achieving the economic reforms and maintains the pace of growth and development of the economy.

METHODOLOGIES OF RESEARCHResearch is an important means of acquiring new knowledge and truth about a subject it provides an opportunity for improvement it provides an opportunity to mould the course of an idea through and perception but there is no short cut to it one is supposed to deeply involve with it it requires a lot of patience one will have to walk uneven terrain8

A. Source of data collection:-

a. Data collection:7 This is the foremost part of an research process is to collect the data relevant to the research objectives the researcher will use the secondary source of data which includes textbook, journals, articles, reference books, internet access etc

The data is not expected to be collected from field work survey or observation.

i) Secondary data: The secondary data mainly depends upon the nature objectives and scope of investigation .secondary data are mostly published in periodicals and journals this data generally used becausefairly reliable published data on a large number of diverse fields are now available and hence you can designyour research domain

B.Models which are used in this proposal:

1) Evaluative model: Evaluative research is one which seeks to identify the roots of a social evil tries to prohibit it by law here in this topic researcher identify the roots of foreign direct investment9

2) Explicative model:

Explicative process is one which tries to ascertain the nature scope and source of law in order to explain what law is here the researcher try to find out the concept of fdi

3) Exploratory model :

Exploratory research might involve a literature search or conducting focus group interviews. The exploration of new

phenomena in this way may help the researcher’s need for better understanding, may test the feasibility of a more extensive study, or determine the best methods to be used ina subsequent study here researcher focus on various reviews interviews relating to the topic

4) Statistical model:

Collection of statistics to show the working of existing lawin this topic the researcher has put some statistic to show the growth of foreign direct investment

Comparative model:

That is to finding out the laws of other countries and consideration their suitability with or without modificationfor one’s own country comparative analysis of foreign directinvestment

3

3 http://www.ihmgwalior.net/pdf/research_methodology.pdf(23/8/2013)(9.26PM) DR.pawan Kumar oberoi research methodology (global vision publishing house delhi 5th edition Tiwari H.N.legal research methodology 1st ed (Allahabad law agency reprint 2008) Myneni S.R legal research methodology 4th ed (Faridabad: Allahabad law agency reprint 2010) 11)Purohit Mona legal education &research methodology 1st ed (Allahabad central law publication 2010)

PROPOSED CHAPTERISATIONCHAPTER-1INTRODUCTION

1. Rational Significance Of The Study2. Literature Review3. Objective Of The Study4. Hypothesis5. Research Methodology

CHAPTER-2MAIN CONCEPT AND DEFINITION

1. Introduction2. Concept of Fdi3. Role of Fdi in education sector4. Need of fdi in education sector5. conclusion

CHAPTER- 2INVESTMENT OPPORTUNITIES IN INDIAN EDUCATION SECTOR

1. Invest In Indian Education Sector2. Govt. Initiatives To Boost Investments3. Growth Drivers Of Indian Education Sector4. Higher Education Sector In India5. Constitutional Frame Work

6. Foreign Educational Institution

CHAPTER -3INTERNATIONAL EXPERIENCES IN RESPECT OF FDI

1. Introduction2. Foreign Direct Investment In Malaysia3. Foreign Direct Investment In koria4. Foreign Direct Investment In The China5. Foreign Direct Investment In The6. Foreign Direct Investment In The7. Conclusion

CHAPTER-4EFFECTS OF FOREIGN DIRECT INVESTMENT IN INDIA

1. Introduction 2. Challenges Faced 3. Merits of FDI 4. Demerits of FDI5. Conclusion

CHAPTER-5

CONCLUSION

REFRANCES BIBLOGRAPHY:-

1. SR MYNINI International economics pg no.79 (Allahabad law agency 2000 2nd editn

2. Tiwari H.N.legal research methodology 1st ed (Allahabad lawagency reprint 2008)

3. Myneni S.R legal research methodology 4th ed (Faridabad:Allahabad law agency reprint 2010)

4. Purohit Mona legal education &research methodology 1st ed (Allahabad central law publication 2010

5. MENAKSHI DEW SHARMA INDIAN ECONOMY CENTRAL LAW AGENCY 2008 1ST EDITION

WEBLOGRAPHY:-

1. http://www.globaljurix.com/foreign-direct-investment-india-fdi.php

2. http://www.worldlawdirect.com/forum/indian-law/66595-foreign-direct-investment-india-policies-procedure-legal-framework.htm

3. .http://www.lse.ac.uk/businessAndConsultancy/LSEEnterprise/Collaborations/socialcohesion/uploads/FDI.pdf

4. .http://rbi.org.in/scripts/FAQView.aspx?Id=265. http://www.isca.in/IJMS/Archive/v1i2/5.ISCA-RJMgtS-2012-

020.pdf

CHAPTER 1

MAIN CONCEPT AND DEFINITION OF FOREIGN DIRECTINVESTMENT

Introduction:

Foreign direct investment (FDI) as a strategic component ofinvestment is needed by India for achieving the economic reformsand maintains the pace of growth and development of the economy.The paces of FDI inflows in India initially were low due toregulatory policy framework but there is a sharp rise ininvestment flows from 2005 towards because of the new policy hasbroadened .The study tries to find out how FDI seen as animportant economic catalyst of Indian economic growth bystimulating domestic investment, increasing human capitalformation and by facilitating the technology transfers. The mainpurpose of the study is to investigate the impact of FDI on legaleducation in India.

Foreign direct investment (FDI) is a key element in this rapidlyevolving international economic integration, also referred to asglobalization. FDI provides a means for creating direct, stableand long-lasting links between economies. Under the right policyenvironment, it can serve as an important vehicle for localenterprise development, and it may also help improve thecompetitive position of both the recipient (“host”) and theinvesting (“home”) economy. In particular, FDI encourages thetransfer of technology and know-how between economies. It alsoprovides an opportunity for the host economy to promote itsproducts more widely in international markets. FDI, in additionto its positive effect on the development of international trade,is an important source of capital for a range of host and homeeconomics

The foreign direct investment into India is a process forfacilitating people to invest in India. If you are reallyinterested in doing business in India with the help of foreigncapital then make sure that you are investing in the right sourceand you can do this in a number of ways. Even when India wasgoing through tough times, it was still a good financial breedingground for all foreign investors. They have never felt the

pressure as their genre of investment has always been unleashedfor the purpose of ushering more capital within the country.Therehave been several Indian infrastructures who may have suffered inthe field of production and manufacturing due to lack ofessential capital. However, a good way for them to survive is byoffering FDI equity to companies or individuals who would beinterested in making huge capital investments.

Foreign direct investment in India is done in several ways.Investment can take place through effective financialcollaborations. In this case the common interest is the yearlyfinancial turn over and to make this work out two or morecompanies come in association and they share much in contributingtowards a common financial consensus. The effort has to be therefrom both the ends, from the part of the investor and also fromthe part of the collaborator. When collaborating, you can keepthe leadership factors aside and think about a healthytogetherness contributing towards a bigger financial platform

(A).MAIN CONCEPT AND DEFINATION

Foreign direct investment

Foreign direct investment re ects the objective of obtaining afllasting interest by a resident entity in one economy (‘‘directinvestor’’) in an entity resident in an economy other than thatof the investor (‘‘direct investment enterprise’’). The lastinginterest implies the existence of a long-term relationshipbetween the direct investor and the enterprise and a signi cantfidegree of in uence on the management of the enterprise. Directflinvestment involves both the initial transaction between the twoentities and all subsequent capital transactions between them andamong af liated enterprises, both incorporated andfiunincorporated.

Foreign direct investor

. A foreign direct investor is an individual, an incorporated orunincorporated public or private enterprise, a government, agroup of related individuals, or a group of related incorporatedand/or unincorporated enterprises which has a direct investmententerprise – that is, a subsidiary, associate or branch –operating in a country other than the country or countries ofresidence of the foreign direct investor or investors.

Foreign Direct Investment (FDI) is fund flow between thecountries in the form of inflow or outflow by which one can ableto gain some benefit from their investment whereas another canexploit the opportunity to enhance the productivity and find outbetter position through performance. The effectiveness andefficiency depends upon the investors perception, if investmentwith the purpose of long term then it is contributes positivelytowards economy on the other hand if it is for short term for thepurpose of making profit then it may be less significant.Depending on the industry sector and type of business, a foreigndirect investment may be an attractive and viable option. Anydecision on investing is thus a combination of an assessment ofinternal resources, competitiveness, and market analysis andmarket expectations

(A) ROLE OF FDI IN HIGHER EDUCATION: 1

Today knowledge explosion is taking place across the world. Knowledge has become the key driving force in economies to becomefast moving and rich based on use of knowledge effectively. Knowledge industry is nothing but education and it is becoming a key factor in the process of development of a nation. The Higher education in context with India has become very critical success factor to sustain the economic growth it has experienced in last 20 years which is partly due to knowledge based industries such as IT/ITES. India is moving and will continue to move towards “services industry” led growth and higher education is the most critical input in that domain. Higher education is all about generating knowledge, encouraging critical thinking and imparting

skills relevant to this society and determined by its needs. The growth of India's higher educational institutions has indeed beenoutstandingly rapid. The numbers of universities have doubled since 1990-91, and enrolment has become more than doubled. But this has been at the expense of quality, increased rigidity in course design, poor absorption of knowledge, and growing lack of access to laboratory facilities, journals and opportunities for field work, etc. The average Indian graduate compares poorly withher/his counterpart in most countries, including many developing ones. All this calls for reform, administrative changes, more funding, greater flexibility, quality improvement, etc.In 2007, the Indian Government announced a nine fold increase in higher education spending over the next five years. For India to maintain its economic growth in a global market place fueled by the knowledge economy, it needs to nearly double its number of students in higher education by 2012. Fifty-one percent of India’s population is under the age of 25. According to the National Knowledge Commission estimates, the country needs to build 1,500 universities within a period of five years to endow enough people with the skills to sustain rapid growth.India is one of the most attractive education markets but historically the government has not encouraged foreign participation in this sector. Since the impact of privatization, liberalisation and globalisation is penetrating in all sectors ofthe Indian economy, it is bound to affect education sector as well. Education is no longer need to be viewed only as a charity or social service but should be considered as a necessary input for economic growth. In this effort towards human resource development, the private sectors including foreign players through FDI has to play a major role since it is a major beneficiary of the knowledge industry. Government has proposed 100 percent foreign direct investment in higher education and hinted at making reservation mandatory in the institutions to be set up by foreign universities in the country. Once approved by the Cabinet and passed as law, the Foreign Education Providers (Regulation) Bill will grant deemed university status to such institutions.

(B) NEED FOR IMPLEMENTATION OF FDI IN HIGHER EDUCATION SECTOR 2

Developing and transition countries are further challenged in a highly competitiveworld economy, because their higher education systems are not adequately developed for the creation and use of knowledge. If welook at the problem India is facing in expansion of higher education, one may say that FDI are being acceptable just becausewe don’t have sufficient money to spend on this area. But, the problems are others too which FDI will focus.FDI in higher education will resolve the problem of enrollment rate as we are in a situation of less supply high demand.Some new tools and techniques will be used in teaching. Indian money and talent going abroad will come in check.FDI in higher education sector will improve the Infrastructure. It might happenthat India may develop one of its own world class universities. An increase in facilities, both in terms of physical magnitude and geographical spread, for inculcation of vocational skills backed by an increase in the general quality of higher education.

4

India needs to fill the technological lag as fast as it can to compete with China.The resulting competition with local universities would also induce us to become internationally competitive through quality improvements brought about by changesin curricula and other responses to an evolving market. Further, FDI in education would generate employment.Allowing FDI in education might lead to export of Indian education abroad in which there are large potentials There will be better scope for research as foreign universities have different methodology to run and generate revenues.India may move towards practical study based learning rather than rote learning. Existing institutions need to be rebranded to overcome their poor image411 http://investmentopportunitiesinindia.wordpress.com/category/fdi-in-education-sector(/2012/5/8)2 http://www.lse.ac.uk/businessAndConsultancy/LSEEnterprise/Collaborations/socialcohesion/uploads/FDI.pdf (6/8/2013) (4.30)

.NEED FOR ADDRESSING POLICY CONSTRAINTS 3

A brief formulation of one set of policies for India‟s higher education could include thefollowing components:• Provide public funding only for those higher education activities such as R&D that have publicgoods characteristics and which would not be privately funded to the socially optimal degree.• Eliminate all public support for those higher education activities the result of which hassufficient private returns to envelop the costs.• Ensure equality of opportunity and access to higher education in reply to expressed needs and demands of the population.• The range of disciplines must match the range of skills needed and changing opportunities available in a dynamic economy. A competitive market-liberal system must be allowed to operate instead of central planning.

5

52 http://www.lse.ac.uk/businessAndConsultancy/LSEEnterprise/Collaborations/socialcohesion/uploads/FDI.pdf (6/8/2013) (4.30)

CHAPTER 2

INVESTMENT OPPORTUNITIES IN INDIAN EDUCATION SECTOR

INTRODUCTION:

In India, education is the key to the task of nation-building. Itis also a well-accepted fact that providing the right knowledgeand skills to the youth can ensure the overall national progressand economic growth. The Indian education system recognises therole of education in instilling the values of secularism,egalitarianism, respect for democratic traditions and civilliberties and quest for justice Education is the vital key formodernization. The importance of education can be realized fromthe fact that all modernized societies are emphasizing onuniversalization of education as a mode for sustained economicdevelopment. There is a huge demand for up gradation of educationsector in India, as the country is expected to have a surplus of47 million people in the working age group by 2020. Theconsumption trends predict that an urban India is spending nineper cent of his wallet on education while the rural consumerspends only six per cent.

In the past few years Indian education sector has witnessed aseries of changes, which resulted in a significant increase inmarket share of the education industry. With economic growth andenhanced technology it has become necessary to develop the Indianeducation sector. Funds are a major concern in the market to meetthis demand. The Government of India has taken many initiativesto attract investments from non-resident Indians (NRIs) for thedevelopment of education infrastructure. The Government has alsoopened the doors for foreign universities by passing ForeignEducational Institution (Regulation of Entry and Operation) Bill,

which will help in bringing foreign investments in education inIndia and shaping the education industry structure speciallypertaining to higher education

(A). Invest in Indian Education Sector:-

1. India has emerged as a strong potential market forinvestments in training and education sector, due to itsfavorable demographics (young population) and being aservices-driven economy. Further, India’s expanding role insectors such as software development, genericpharmaceuticals and healthcare, would require the country toinvest into learning and training segment as well.

2. India’s education sector is also considered as one of themajor areas for investments as the entire education systemis going through a process of reformation, according to areport ‘Emerging Opportunities for Private and ForeignParticipants in Higher Education’ by PricewaterhouseCoopers(PwC).

3. India needs 1.2 million more teachers under the Right toEducation Campaign, according to Shri Kapil Sibal, UnionMinister for Human Resource and Development. He also addedthat with 546 million people under 25 years of age, there ishuge potential in India in the education sector that needsto be tapped.

4. The country has been attracting foreign direct investments(FDIs) in education sector as well.

5. According to data released by the Department of IndustrialPolicy and Promotion (DIPP), FDI in education sector stoodat Rs 1170.09 crore (US$ 221.71 million) in the month of May2012. The Government of India allowes 100 per cent FDI ineducation sector through the automatic route.

6. The country’s fast-growing education sector holds apotential to attract a US$ 100 billion investment over thenext five years, driven by demand for skilled professionalsand need for infrastructure development, according toresearch firms such as KPMG.

7. There is clearly an opportunity for private players to enterthe education space. This opportunity exists in all threesegments – schools, higher education and vocationaltraining. Some success stories are Manipal University, AmityUniversity and the Indian School of Business. Public-privatepartnerships (PPP) arrangements, tax concessions foreducation and encouraging foreign capital to buildinfrastructure in India would encourage the creation of newcapacities by the private sector.

8. The education sector in India is expected to witness hugeinvestments from PE funds over the next couple of years onthe back of increased Government spending and expansionplans of private players.

(B).Government Initiatives to boost Investments:-

The education sector in India is also considered as one of themajor areas for investments as the entire education system isgoing through a process of overhaul, according to a report‘Emerging Opportunities for Private and Foreign Participants inHigher Education’ by PricewaterhouseCoopers (PwC).Ever since, theGovernment of India has allowed foreign direct Investment (FDI)up to 100 per cent through the automatic route, many people findit convenient and profitable to invest in education sector.

Some of the initiatives taken by the Government for theinfrastructural development of the sector and to increase thebusiness opportunity in education are:

1. For the year 2012-13, Rs 25,555 core (US$ 4.63 billion) havebeen allotted for RTE-SSA (Right to Education – SarvaShiksha Abhiyan) which represents an increase of 21.7 percent over the previous year allotment in 2011-12

2. 6,000 schools have been proposed to be set up at block levelas model schools in the Twelfth Five Year Plan (2012-17)

3. Rs 3,124 core (US$ 566.69 million) have been provided forthe RMS (Rashtriya Madhyamik Shiksha Abhiyan), which is anincrease of 29 per cent over 2011-12

4. India and Republic of Korea have signed a memorandum ofunderstanding (MoU) for cooperation in the field ofeducation

5. Prime Minister’s fellowship scheme for doctoral research hasbeen launched in New Delhi by Mr S Jaipal Reddy, UnionMinister for Science and Technology, according toConfederation of Indian Industry (CII)

6. The Ministry of Human Resource Development (MHRD) plans toset up ten community colleges in collaboration with theGovernment of Canada in 2012. The Government of India hasdecided to set up hundred community colleges this year

7. The Government of India plans to set up an Indian Instituteof Agricultural Biotechnology at Ranchi with an investmentof Rs 287.50 core (US$ 52.15 million). The Institute will bea deemed university and will have different schools toimport knowledge in genomics, bioinformatics, geneticengineering, nano biotechnology, diagnostics andprophylactics and basic and social sciences andcommercialization

8. The Ministry of Human Resource Development plans to set upten community colleges in collaboration with the Governmentof Canada in 2012. The Government of India has decided toset up hundred community colleges this year.

9. The Government of Gujarat plans to set up a farmingeducational institute in collaboration with Israel, offering

post-graduation and Ph.D programmes with practical trainingand degree from Israeli universities.

10. The Government of India also plans to set up an IndianInstitute of Agricultural Biotechnology at Ranchi withinvestments of Rs 287.50 core

(C).Growth drivers of Indian education sector:-

1 Demographic advantage: As per Census 2011, 35.3 per cent of theIndian population is under the age of 14

2 Increasing awareness: Increase in awareness towards educationas a priority and essential tool for career growth Increase injob opportunities and salaries offered making investment ineducation in India prudent

3 Human Resource driven economy: Increase in the demand for aneducated skilled workforce by services sectorShare of servicesector in GDP increased from 30% in 1950 to 55% in 2007

4 Technology aided delivery: Increase in penetration oftechnology resulting in virtual learning and education delivery

5 New employment avenues: Newer employment avenues such asknowledge process outsourcing (KPO), legal process outsourcing(LPO), retail, aviation, animation etc. demanding highly skilledmanpower

(E).HIGHER EDUCATION SECTOR IN INDIA:-

Post-independence India has witnessed an above average growth in the number of higher educational institutions vis-à-vis its population. While there were just about 20 Universities and 500 Colleges at the time of independence, today these numbers have grown exponentially.

A snapshot of the current higher education sector in India:

India has a total of 610 universities. 43 central universities, 299 state universities, 140 private Universities, 128 deemed universities and 5 institutions established through state legislation, 30 Institutions of National Importance.

There are 45 technical institutes, 13 management institutes, 4 information technology institutes, 6 science and research institutes and 3 planning and architecture institute

Currently, the Government spends around 3.8% of its GDP on education

Less than 1% of the $38 bn of the Government spend on education was towards Capex (2008-09)

According to the 2011 census, the total literacy rate in India is74.04% compared to the world average of 83.4% (2008) The female literacy rate is 65.46 % and male literacy rate is 82.14 % FDI inflows in the education sector during May 2012 stood at $31.22 mn

(F).Constitutional Framework Of Education In India:

Prior to 1976, education in India was a subject within thecompetence of the individual states comprising the Union ofIndia. The Constitution (Forty Second Amendment) in 1976transferred education from the State List to the Concurrent List,thus giving both the Central and State Governments jurisdictionover it.

Following the 1976 Amendment, the National Education Policy, 1986(as modified in the year 1992) was issued by the Department ofEducation, Ministry of Human Resource Development (the "NEP").The NEP identified the union government as the organisation in

charge of reinforcing the national and integrated character ofeducation, maintaining quality and standards (including those ofthe teaching profession at all levels) and studying andmonitoring the educational requirements of the country.

The Constitution (Eighty Sixth Amendment) Act, 2002 introducedArticle 21A in the Constitution of India imposing an obligationon the state to provide free and compulsory education to allchildren of the age of six to fourteen years. This Amendment alsointroduced a new article (51A) which imposed a duty on parentsand guardians to provide their children with educationalopportunities. Further, through an Amendment to Article 45 of theConstitution, the State Governments have been vested with theresponsibility of providing early childhood care and educationfor all children until they complete the age of six years.Pursuant to these amendments to the Constitution of India in theyear 2002, the Government of India passed the Right of Childrento Free and Compulsory Education Act in the year 2009 to ensurethat every child has a right to be provided full time elementaryeducation of satisfactory and equitable quality in a formalschool which satisfies certain essential norms and standards.

(G) Foreign Educational Institutions Regulation of Entry and Operations, (Maintenance of Quality and Prevention of Commercialization) Bill 2010

Central Government has on 15 March 2010 unanimously approved the Foreign Educational Institutions Regulation of Entry and Operations, (Maintenance of Quality and Prevention of Commercialization) Bill 2010 (the "Bill"). The Bill proposes to allow foreign education providers to set up campuses in India andoffer degrees and diplomas to students. After much debate and discussions the bill was finally passed by the Union Cabinet.

The Bill needs to be ratified by parliament before it is instituted as law and has been tabled in the Lok Sabha on May 3, 2010. The Bill was referred to the Standing Committee on Human Resource Development, which is scheduled to submit its report shortly .The proposed Bill has many clauses to check its potential misuse. It prescribes a time-bound format to grant approval to foreign educational institutions to set up campuses in India. They would be registered with the University Grants Commission (UGC) or any other regulatory body (which supersedes UGC), which will scrutinize proposals of aspiring institutions according to India's priorities

A foreign university aspiring to set up a campus will also has todeposit Rs 50 crore as corpus fund and cannot take back the surplus generated from education activities here. Moreover, a foreign education provider shall, out of the income received fromthe corpus fund, utilise not more than 75 per cent of it for the development of its institutions in India. The remaining income will be deposited in the corpus fund. The Bill states that a foreign institution "shall not impart education in India unless it is recognised and notified by the central government as a foreign education provider under the proposed legislation" and offers education in conformity with the standards laid down by the statutory authority, and of comparable quality Three more Bills tabled The Education Minister Kapil Sibal has tabled four major Bills in the Lok Sabha on 3 May 2010. The Prohibition of Unfair Practices in Technical, Medical Educational Institutions and Universities Bill, the Education Tribunals Bill and the National Accreditation Regulatory Authority for Higher Educational Institutions Bill, besides the Foreign Educational Institutions (Regulation of Entry and Operations) Bill. The Educational Tribunals Bill will facilitate setting up of tribunals at the national, state and regional levels to settle disputes related to institutions at various levels. The Bill on regulatory authority proposes to set up regulatory bodies to

monitor and conduct accreditation of higher education institutes in a transparent manner.

CONCLUSION: India must act in its self-interest. India must manage to launch a proposal and commit to areas where there are strategic opportunities to be exploited through trade. Regulationof higher education in India should be achieved through the correct approach in facilitating the attainment of high quality through interaction of the profit motives of various providers, private domestic as well as foreign. At the same time, such motives should be suitably bridled by setting and enforcing rulesof the game, periodic evaluations, quality assessment and accreditation to remove information asymmetries between providersand recipients of higher education. This will ensure that profit making is not exploitative but channeled to raise the quality of education.Government must consider seriously corporatization of higher education so as to allow corporatehouses to enter higher education and deliver education of global standards. This will also facilitate several private universities, research houses, large Corporates to consider foreign direct investment in India’s higher education market. A growing number of Indian educational institutions are commencing to export to other markets. So, globalization of education services should also be seen as an opportunity. In short, a pro-active rather than defensive approach is required to benefit fromthe liberalization of higher education services.

CHAPTER: 3

INTERNATIONAL EXPERIENCES IN RESPECT OF FDI

INTRODUCTION

Internationalization of higher education is occurring quickly through the spread of international branch campuses. Most such campuses have been established since the mid-1990s and they are concentrated in the Middle East and Southeast Asia, with growth currently occurring in India, China and Central Asia. U.S. and Australian universities have the largest number of branch campuses, with smaller numbers operated by institutions based in the United Kingdom, Malaysia and Singapore. Most are branches of universities but some are polytechnics or vocational training colleges. Singapore’s Ngee Ann Polytechnic, for example, is establishing a campus in Shenyang (China), primarily for Chinese students, but also for their Singaporean students to gain international experience. The Malaysian-based University College of Technology & Innovation has embarked on an Indian Ocean strategy, with overseas campuses in Colombo (Sri Lanka), Karachi (Pakistan), Panipat (India) and Perth (Australia). Some Indian institutes have also set up campuses abroad, primarily imparting education in Information Technology (NIIT, Aptech). Even developed countries are continuing with reforms in higher

education. Despite the fact that the USA has the finest system ofhigher education in the world, it has set up a commission to ensure that America remains the world’s leader in higher education and innovation. For this purpose, the USA intends to make an investment of US $134 billion in higher education over the next ten years. Faced with deteriorating standards and low accountability in its public sector higher education, UK government has now allowed the universities to compete for students and charge variable fees, bringing an end to the regulated fee regime in the UK. In many developing countries in Asia, (Japan, Philippines and South Korea) and Latin American (Chile, Brazil and the Dominican Republic) private higher education has become the main venue for increasing access to higher education. These countries have majority enrolment in private sector. Agarwal (2006) has discussed that two trends in higher education have been observed worldwide: (i) towards transformation from elite to 9mass (or even universal) and (ii) privatization. Countries have responded to these challenges in various ways. Some examples are:

I. KOREA:Korea has one of the highest gross enrolment ratios in higher education in the world with more than 80 per cent of it being in the private sector. In 1995 the Government began loosening controls since the problems from serious regulation were becominguncontrollable. The government gave small incentive grants to reward act and introduced competition among universities and colleges by making them more autonomous and more competitive.

II. MALAYSIA:Foreign Universities can set up campuses as branches by invitation. Twinning Arrangements with Universities abroad is also possible. Five foreign Universities have set up Branch Campuses, namely Monash, Curtin and Swinburne Universities of Australia, SAE Institute of Australia and University of Nottingham, UK. There are17 public Universities, including 6 university colleges with enrollment of 300,000. In addition, there are 600 private institutions with similar levels of enrollment. Private institutions can be set up by:

• Large corporations or organizations closely linked to Government (e.g. Petronas Technology University, Telekom Malaysiaetc.)• Large corporations that are public listed companies• Political Parties (e.g. MIC's TAFE College Seremban, MCA's Kolej Tunku Abdul Rahman, and UMNO's UNITAR etc.)• Independent Private Colleges• Local branches of Foreign Universities

III. CHINA:China is creating new universities of different kinds to supply to different needs. The government has confirmed education, science and technology to be the strategic driving forces of sustainable economic growth. It is now working towards loosening of statutory control over their higher education systems. The most recent legislation governing FEPs in China was released in 2003. The legislation governing FEPs in China (2003) contains thefollowing features:• Foreign institutions must partner with Chinese institutions;• Partnerships must not seek profit as their objective;• No less than half the members of the governing body of the institution must be Chinese citizens;• The post of president or the equivalent must be a Chinese citizen residing in China;• The basic language of instruction should be Chinese;• Tuition fees may not be raised without approval.However, this is not the whole story. There are a number of institutions in China (including NIIT from India), which provide education on commercial terms. Moreover, there is inadequate dataon the scale of activity of FEPs in China. There are a total of 72 joint programs that are approved by the Ministry of Education (Garrett, 2004). In addition, there are a number of other non-approved programs or those programs that are approved at other levels of government (Municipal, Provincial or Local Governments). This is made amply clear by the data from the Australian Vice-Chancellor’s Committee (AVCC) in May 2003, which states that 27 Australian Universities offer 200 current offshoreprograms in China, 157 (79 percent) of which involve either Australian bachelor’s or master’s programs. It is reasonable to

assume that America, United Kingdom and other major source countries are also offering non-approved degree provision on a similar scale. Hence the level of FEPs activity is far in excess of that reported by the Ministry of Education. It appears that the regime for FEPs is far more liberal and flexible than that indicated above.

IV. SINGAPORE:There is no regulation governing FEPs and Singapore has also not offered any commitments under GATS in Higher Education. Applications for setting up higher education are considered on a case by case basis. The regime, on the whole, is quite liberal and flexible and it is for the students to satisfy themselves about the programmes before enrolling as the Ministry of Education in Singapore does not have a system of accreditation ofoverseas universities. Similarly, it is for the employer to decide whether the degree holder meets the qualification mostrelevant to his needs. Singapore has declared its intention to attract 150,000 international students by the year 2012, and has an articulated series of plans in place to achieve the target. Todate Singapore has attracted campus presences of France’s INSEAD,the USA’s Stanford University, Massachusetts Institute of Technology and University of Chicago Graduate School of Business,and Australia’s University of New South Wales.

V. AUSTRALIA:Australia has taken full market access commitments in higher education under GATS except for national treatment under Mode 3 (Commercial presence). Universities are recognized by State specific legislation and are “self-accrediting” i.e. universitiesare not subject to on-going recognition requirements and are responsible for their own quality. Australian Universities have the authority to accredit their own programmes. The Australian Universities Quality Agency (AUQA) is responsible for higher education quality assurance in Australia and for transnational operations. AUQA audits are voluntary. Australia is currently thethird-largest exporter of higher education services, after the USand the UK and education exports at A$5.9 billion in 2004, is itsfourth largest source of export earnings.

VI. JAPAN:TUJ, the first American university (which established branch in Japan in 1982) became the first such institution designated by the Minister of Education in February 2005 Other examples in thisregard include McGill MBA Japan programme at the site of Sophia University (Japan) provided by McGill University (Canada), and International (Tri-Continent) MBA with a summer session at TUJ provided by the Fox School of Temple University (U.S.) in collaboration with Ecole National des Points et Chaussesses School of International Management (France) and the Welingkar Institute of Management (India).So the need of the hour is structural reforms within the Indian education system. Only then can we have a proper, strong and skillful workforce. A workforce that could transform our country into a superpower

CONCLUSION: Higher education in today’s global environment is neither charity nor a purely social objective. Higher education is an economic requirement for the country for growth. Corporate need well trained professional to take on global challenges and capture overseas Markets. In the light of the above discussion, both developing and developed countries maintain that increased trade, in higher education may caution the role of governments toregulate higher education and meet national policy objectives. The foreign universities are usually worried about economic and financial benefits. A consistent criticism of the liberalization of higher education is that it will hold back a nation’s ability to develop its own system reflecting its unique social, cultural and political characteristics.

CHAPTER:4

EFFECTS OF FOREIGN DIRECT INVESTMENT

1. INTRODUCTION:

Every year nearly 0.4 million Indians go abroad for higherstudies spending approximately $12 billion. This leads to notonly loss of foreign exchange, but also brain drain as most ofthese students rarely comes back to India after completing theircourses. The primary reason for a large number of studentsseeking professional education abroad is lack of capacity inIndian institutions.

There is no doubt that the situation in Government-rununiversities in India is not so good. Also, with increasingenrolment in higher education, it is not possible for theGovernment to provide higher education on its own. But, privateinstitutions are also not up to the mark. Many don’t haveexperience and many are trying to just gain money without qualityForeign investment in this field will not only check brain drain,it will also help to balance the demand-supply ratio. It willdevelop competitiveness among private universities to deliverbetter quality. It will also generate employment and result ininflow of money instead of outflow.

Further, infrastructure will improve. There will be better scopefor research as foreign universities have different methodologiesto run and generate revenues. They will also help India movetowards practical, study-based learning rather than rote learningWith better technology, teaching methods, libraries and labs,India will become the educational hub for at least theneighboring countries. The approach of the Indian government atpresent is to aspire for good quality education environment bysuppressing the profit motive. But actually the correct approachshould be attainment of high quality along with the profitmotive. Not those foreign players should be given all the powers,but they should be given some liberty if we are thinking world

class. We should use profit as a channel to raise the quality ofeducation. Since India has operated as a relatively closedeconomy for most of its recent history, there is understandableopposition to the entry of foreign providers of higher education.The feasibility of FDI in education is not in question, but aproper regulatory framework is essential.

A key issue here is how the entry and operation of foreignuniversities should be regulated. Our existing regulatorymechanisms have not been very effective. Given this limitation,entry should be limited to institutions that are accredited byreputed bodies in their own countries.The downside of the newpolicy is that access to the foreign providers' programmes willbe dominated by the elite segment of the population, as fees andother conditions of entry will tend to favors them. This couldincrease the gap between rich and poor. A major problem in Indiais the non-enrolment of the less privileged into highereducation. With FDI pouring in, such problems are definitelygoing to increase. Also there are foreign universities that runtwinning programmers in collaboration with domestic institutionsthat do not have recognition at an equivalent level. Thesetherefore turn out to be misleading to students. So foreigninvestment in higher education will be an addition to qualityeducation only when a strict accreditation and certificationsystem is set up by the Government’s regulatory body.

The administration should be subject to Government norms inmatters of deciding faculty, fees , course structure, intake,etc. Once these things are assured and proper certification andaccreditation systems are established, India is definitely goingto benefit from the liberalization of higher education.

A.CHALLENGES FACED BY THE EDUCATION SECTOR

1. Accessibility:

2. Drop-out rate: nearly 40 per cent drop out at the primarystage.

3. Social Barriers:.

4. Relevance: more skill-oriented – both in terms of life-skillsas well as livelihood skills.

5. Management: needs to build in greater decentralization,accountability, and

Professionalism, Resources:

6. Pre-condition: “Not-for-profit” basis

7. Regulation

8. Alliances

9. Approval procedures cumbersome and tedious

10. Quality and relevance of education: Infrastructure,curriculum, industry involvement

and Employability of graduates due to lack of effective training.

11. Financing higher education institutions :

12. Technology - Low technology penetration

B .MERITS & DEMERITS OF FOREIN DIRECT INVESTMENT:-

a) MERITS OF FOREIGN DIRECT INVESTMENT

Economic Growth:

Countries receiving foreign direct investment often experiencehigher economic growth by opening it up to new markets, as seenin many emerging economies.

Job Creation & Employment :

Most foreign direct investment is designed to create newbusinesses in the host country, which usually translates to jobcreation and higher wages.

Technology Transfer : Foreign direct investment often introduces world-classtechnologies and technical expertise to developingcountries.However, there are also a few drawbacks:

Strategic Industries:.

Many countries protect certain strategic industries, likedefense, from foreign direct investment in order to maintaincontrol from foreign entities.

Long-term Capital Movement : .

Some critics argue that once a foreign investment becomesprofitable, capital really begins to flow out of the host countryand to the investor's country.

Disruption of Local Industry:

. There is some concern that foreign direct investment maydisrupt local industry and economies by attracting the bestworkers and creating income disparity.

More consumer savings

One of the biggest advantage of FDI is that it will increase thesavings of Indian consumer as he will get good quality productsat much cheaper rates. Consumer savings are likely to increase 5to 10% from FDI.

2) Higher remuneration for farmers

Another advantage of FDI is that it will help a lot in improvingthe miserable condition of Indian farmers who are committingsuicides on daily basis because of lesser return from theiragricultural produce. But FDI will certain help a lot inimproving their conditions as the farmers are going to get 10 to30 %higher remuneration because of FDI.

3) Increase in employment opportunities

FDI is certainly going to increase the employment opportunitiesin India by providing around 3 to 4 million new jobs. Not onlythis another 4 to 6 million jobs will be created in logistics,labour etc. because of FDI.

4) Increase in government revenue

Government revenues are certainly going to increase a lot becauseof FDI. Government revenues will increase by 25 to 30 billiondollars which is a really big amount. This government revenue canhelp a lot in the development of Indian economy.

b). DEMERITS OF FOREIGN DIRECT INVESTMENT

Although FDI brings with it lot of advantages but it is not freefrom disadvantages as well. Following are some of its demerits –

1) Destruction of small entrepreneurs

The biggest fear from FDI is that it is likely to destroy thesmall entrepreneurs or small kirana shops as they will not beable to withstand the tough competition of big entrepreneurs as

these entrepreneurs are going to provide all the goods to theconsumers at much lesser prices.

2) Shrinking of jobs

Many critics of FDI are of the view that entry of big foreignchains like Wal-Mart, Carrefour etc. are not going to generateany jobs in reality in India. At best the jobs will move fromunorganized sector to organized sector while their number willremain the same or lesser but not more.

3) No real benefit to farmers

Critics of FDI are also of the view that it is a fallacy that thefarmers are going to benefit in any way because of the entry offoreign chains in India rather it will make the Indian farmers aslave of these big chains & the farmers will entirely be on theirmercy. Thus, FDI is only going to deteriorate the alreadymiserable conditions of Indian farmers.

CHAPTER 5

CONCLUSION

In terms of development, there is a general agreement of the potential benefits of Foreign Direct Investment. The relationshipbetween GDP Growth and the increase of the relationship between FDI and GDP can be clearly established. Foreign Direct Investment, therefore, becomes an important financial source for capital projects, vital for Emerging Country’s development. The flow of financial capital in the economies of the countries has become vital, shaping in occasions the policies and political

decisions of governments to attract Foreign Direct Investment (FDI). Studies on role of FDI in education sector shows that general institutional framework, effectiveness of public sector administration and the availability of infrastructural facilitiesenhance FDI inflows to these nations. Education industry in Indiaremains among the fastest growing industries of the present Indian economy, industry has benefited a lot from the Indian rapid economic growth coupled by the rising earnings levels in India. FDI is a predominant and vital factor in influencing the contemporary process of global economic development. The study attempts to analyze the important dimensions of FDI in India. Thestudy works out the trends and patterns, main determinants and investment flows to India. The study also examines the role of FDI on economic growth in India. FDI is considered as the most suitable form of external finance. And it is increase in competition for FDI inflows particularly among the developing nations.The assumption that FDI was the only cause for development of Indian economy in the post liberalized period is debatable. No proper methods were available to segregate the effect of FDI to support the validity of this assumption. As far as providing quality education is concerned, the foreign universities may achieve this set objective for Indian students, but there are lot of concerns as to whether Indian strata would be able to afford this education facility. Many of the young minds are influenced and guided by their desire to spend time in the western countries and experience the advancements of these developed countries. The India education space could be one of the largest markets in Asia with a population of over 1.13 bn. There are many companies who are entering into this private school business. It is found that FDI as a strategic component ofinvestment is needed by India for its sustained economic growth and development. Presently there is limited competition in the education market leading to high prices (and economic rents, partof which has to be paid to the operators of the state control

machinery to gain their patronage). But with the government approving 100% FDI in this sector, more and more foreign investments will flow in, with foreign players foraying into thissector. This will bring in more competition in the market, with prices reflecting true costs and quality improving

REFRANCES BIBLOGRAPHY:-

6. SR MYNINI International economics pg no.79 (Allahabad law agency 2000 2nd editn

7. Tiwari H.N.legal research methodology 1st ed (Allahabad lawagency reprint 2008)

8. Myneni S.R legal research methodology 4th ed (Faridabad:Allahabad law agency reprint 2010)

9. Purohit Mona legal education &research methodology 1st ed (Allahabad central law publication 2010

10. MENAKSHI DEW SHARMA INDIAN ECONOMY CENTRAL LAW AGENCY 2008 1ST EDITION

WEBLOGRAPHY:-

6. http://www.globaljurix.com/foreign-direct-investment-india-fdi.php

7. http://www.worldlawdirect.com/forum/indian-law/66595-foreign-direct-investment-india-policies-procedure-legal-framework.htm

8. .http://www.lse.ac.uk/businessAndConsultancy/LSEEnterprise/Collaborations/socialcohesion/uploads/FDI.pdf

9. .http://rbi.org.in/scripts/FAQView.aspx?Id=2610. http://www.isca.in/IJMS/Archive/v1i2/5.ISCA-RJMgtS-

2012-020.pdf11. http://www.indiastat.com/industries/18/

foreigndirectinvestment/17578/countrywiseforeigndirectinvestment19912013/449567/stats.aspx

12. http://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=2513

13. http://www.pwc.in/en_IN/in/assets/pdfs/industries/education/publication/India-higher-edu-sector-(251012).pdf

14. http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=8864669

15. http://www.oecd.org/daf/inv/investment-policy/2090148.pdf

16. http://investmentopportunitiesinindia.wordpress.com/2012/05/08/the-scope-of-foreign-direct-investment-in-india/

17. http://investmentopportunitiesinindia.wordpress.com/category/education-sector-in-india-2/

18. http://investmentopportunitiesinindia.wordpress.com/category/fdi-in-education-sector/

19. http://investmentopportunitiesinindia.wordpress.com/category/fdi-in-education-sector/

20. http://www.indialawjournal.com/volume3/issue_4/article_by_hemant_batra.html

21. http://www.mondaq.com/india/x/150974/Investment/PE+Investment+In+Indian+Education+Through+The+FDI+Route

22. http://www.indiastudychannel.com/resources/147116-FDI-or-Foreign-Direct-Investment-India.aspx

23. http://www.legallyindia.com/201007151099/Legal-opinions/opinion-foreign-investment-in-education-sector-to-be-boost-by-raft-of-statutes

24. http://internationalinvest.about.com/od/investinginmultinationals/a/What-Is-Foreign-Direct-Investment.htm

25. http://www.indialawjournal.com/volume3/issue_4/article_by_hemant_batra.html

26. http://www.mondaq.com/india/x/150974/Investment/PE+Investment+In+Indian+Education+Through+The+FDI+Route

27. http://www.deloitte.com/assets/DcomIndia/Local%20Assets/Documents/Thoughtware/Indian_Higher_Education_Sector.pdf

28. http://www.pwc.in/en_IN/in/assets/pdfs/industries/education/publication/India-higher-edu-sector-(251012).pdf