Abstract
India has always been a nation of academics with a major population being lifelong learners. In the past, it has been renowned for its scholars and universities such as Taxila, Nalanda, and Vikramshila, from the fifth century onwards. The key to economic development is higher education, which is also a crucial factor in generating better and more sustainable rates of economic growth for a country and the world economy. India is experiencing innumerable challenges in higher education, and it is very essential to manage and tackle these challenges every now and then. India has immense human resources, and if utilized in an optimum way, the results and benefits would be multi-folded. There is an immediate need to relook at the resources on financials, quality standards, infrastructure development, responsiveness, access, equity, and relevance. In order to ensure sustenance of growth, what is more required is to enhance the number of institutes and upgrade the quality of higher education in India. Hence, this chapter focuses on corporate governance practices in Indian higher education.
TopHigher Education System In India
India's higher education system is currently one of the global economies with the fastest growth rates. India has a rich history of educational practises dating back to antiquity. Through oral tradition, information was preserved and disseminated. The advancement of Indian higher education has taken place and thrived over the years.
Since India's independence, the number of universities, college-level institutions, and other higher education institutions has significantly increased. The “Right to Education Act,” which mandates free and compulsory education for all students between the ages of 6 and 14 years, has revolutionised the nation's educational system. Due to the private sector's involvement in higher education, the industry has undergone significant change. Today, the private sector supports approximately 60% of higher education institutions in India. This has sped up the development of institutes that have been developing over the past ten years, giving India the title of country with the most higher education institutions worldwide (Shaguri, 2013).
Knowledge these days is power. One is more powerful with the extra knowledge they possess. India, however, still has significant obstacles to overcome this. 25% of the population is still illiterate despite increased investment in education; just 15% of Indian students complete high school, and only 7% graduate (Masani, 2008). The higher education system in India still has a lot of potential to overcome these obstacles and establish its identity on a global scale, despite these difficulties. The new millennium's role for colleges and universities as well as developing scientific study on how individuals learn are crucial, but it also needs more transparency and accountability. India easily transforms our country from a developing country to a developed country since it exports highly skilled workers to other nations.