Pradhan Mantri Vidyalaxmi Scheme is designed to provide financial assistance to meritorious students for higher education.
- Objective: It aligns with the National Education Policy (NEP) 2020 and aims to provide collateral-free, guarantor-free loans to students.
- Eligibility Criteria: Students enrolled in institutions ranked within the top 100 by the National Institutional Ranking Framework (NIRF), and those in the 101-200 range from state government to all central government-governed institutions.
- Beneficiaries: It can benefit over 22 lakh students, with the list updated annually based on the latest NIRF rankings.
- Procedure: The Department of Higher Education will launch the “PM-Vidyalaxmi” portal for students to apply for education loans and interest subvention, with payments made via E-voucher and Central Bank Digital Currency (CBDC) wallets.
- Supplementing Existing Schemes: The scheme supplements the two components, Credit Guarantee Fund for Education Loans (CGFSEL) and Central Sector Interest Subsidy (CSIS), under the existing PM-Uchchatar Shiksha Protsahan (PM-USP) scheme.
- PM-USP CSIS offers full interest subvention for loans up to Rs 10 lakh to students with family income up to Rs 4.5 lakh, pursuing technical courses.
Current Status of the Higher Education System in India
According to the All India Survey of Higher Education (AISHE) 2021-22, which was released in January 2024:
- Student Enrolment:
- The student enrolment in higher education institutes is 4.33 crore as of 2021-22, which is a significant uptick from 4.14 crore in 2020-21 and 3.42 crore in 2014-15
- The number of women enrolled in higher education is 2.07 crore as of 2021-22 which is a 32% jump from 1.5 crore in 2014-15.
- The proportion of women enrolled is highest at the postgraduate level (55.4%).
- Gross Enrolment Ratio (GER) and Gender Parity Index (GPI):
- The estimated GER for the age group 18-23 years in India is 28.4%.
- The GPI, which shows the ratio of female GER to male GER, is 1.01 at the all-India level, indicating gender parity.
- Discipline-wise Enrolment:
- At the undergraduate level, the Bachelor of Arts (BA) programme has the highest enrolment (34.2%), followed by science (14.8%), commerce (13.3%), and engineering and technology (11.8%).
- At the postgraduate level, the social science stream has the highest enrolment (10.8 lakh students).
- At the PhD level, engineering has the highest enrollment, followed by science and social sciences.
- The primacy of Government Institutions:
- 73.7% of all students attend government universities, which make up only 58.6% of all universities.
- State public universities have the largest share of enrollment (around 31%) among government-owned universities.
Measures to Revamp the Higher Education System in India
- Redefining the Role of Universities:
- Shift the focus from rote learning to practical skill development through project-based learning, internships, and industry collaborations from the second year.
- Encouraging universities to work with local communities on social development projects, promoting social responsibility and civic engagement among students.
- Transforming higher educational institutes from mere Degree Issuers to Skill Generators.
- Open Education Resources (OER) Initiatives:
- Enhancing the National Digital Library of India and promoting the development and adoption of open educational resources, similar to the MIT OpenCourseWare initiative, which provides free access to course materials and lectures.
- This approach could enhance access to quality educational resources, reduce costs, and foster a culture of knowledge sharing and collaboration.
- Entrepreneurship and Innovation Centers:
- Establishing dedicated entrepreneurship and innovation centers within universities, modeled after successful examples like Stanford University’s StartX and entrepreneurship programs.
- These centers could provide mentorship, funding opportunities, and a supportive ecosystem for students and faculty to transform their innovative ideas into successful ventures.
- HCL TechBee is a significant step in assisting Class XII students who are interested in making careers in Information technology (IT).
- Transnational Education Partnerships:
- Promoting transnational education (TNE) partnerships, where Indian higher education institutions collaborate with reputed international universities to offer joint degrees, twinning programs, or branch campuses.
- This approach could enhance global exposure, facilitate knowledge transfer, and improve the international competitiveness of Indian higher education.
- The recent IITM Zanzibar campus (in Africa) by IIT Madras is a significant step in this direction.
- Dual Study Programs:
- Phase-wise implementation of dual study programs, similar to Germany’s apprenticeship model, where students combine theoretical learning at universities with practical training in companies.
- This approach ensures industry-relevant skills development and enhances employability, while also providing a skilled workforce for companies.
- Competency-based Credentialing and Blockchain Certificates:
- Implementing a competency-based credentialing system that recognizes and validates skills and competencies acquired through various learning pathways.
- Leveraging blockchain technology to issue tamper-proof, verifiable digital certificates and credentials, ensuring transparency and trust in the credentialing process.
- This approach could promote lifelong learning, skill-based education, and recognition of diverse learning experiences.
