World Bank approves $255.5M loan for govt-run institutions
The project will support participating institutions to organise outreach programmes providing prospective female students, parents, and guardians with more and better information on technical education programme options.
The World Bank has approved a $255.5 million loan for improving the quality of technical education in government-run institutions in India.
Over the next five years, the project will support around 275 government-run technical institutions in selected states across the country, benefitting more than 3 lakh students each year.
The Multidisciplinary Education and Research Improvement in Technical Education Project will support improving student skills and employability by focusing on better research, entrepreneurship, and innovation; and improving governance in technical institutions.
As part of the project, students will get access to upgraded curricula including emerging technologies in communication and climate resilience. They will also benefit from better internship and placement services, including opportunities to network with professional associations, World Bank said.
"World Bank's Board of Executive Directors have approved a $255.5 million loan to help India improve the quality of its technical education and provide more career opportunities to students," the US-based multilateral institution said in a statement.
Tertiary education in India has been growing steadily from 29 million enrolled students in 2011-12 to 39 million enrolled students across 40,000 institutions in 2019-20.
While India's tertiary education sector is among the largest in the world, recent studies note increased gaps in both technical and non-technical skills such as reasoning, interpersonal communication, and conflict resolution, the World Bank said.
"India has one of the largest and fastest-growing tertiary education systems in the world. The project will support Government of India's National Education Policy 2020, which calls for modernising this critical sector to better prepare students for emerging jobs and business opportunities," said Auguste Tano Kouame, the World Bank's Country Director for India.
"Improving female participation in technical education will receive special attention."
The project will support participating institutions to organise outreach programmes providing prospective female students, parents, and guardians with more and better information on technical education programme options, building sensitivity to gender issues, and addressing misconceptions about women's capabilities in the science, technology, engineering and math (STEM) fields.
The $255.5 million loan from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 14 years including a grace period of five years.
Edited by Kanishk Singh