World Bank approves $255.5 mn loan to improve technical education in India
- The World Bank has granted a loan of $255.5 million to India to enhance its technical education standards and increase job prospects for students.
- Over the next five years, the project aims to assist 275 government-run technical institutes, benefiting more than 350,000 students annually.
- India’s tertiary education system has experienced significant growth, with enrollment rising from 29 million students in 40,000 colleges in 2011-12 to 39 million students in 40,000 universities in 2019-20.
- However, the system has faced challenges in bridging the gaps in technical and non-technical skills such as reasoning, interpersonal communication, and conflict resolution.
- The Multidisciplinary Education and Research Improvement in Technical Education Project will address these issues through increased focus on research, entrepreneurship, innovation, and improved governance in technical institutions.
- The project will enhance student employability and skills, providing upgraded curricula focusing on emerging technologies in communication and climate resilience.
- Additionally, students will benefit from improved internship and placement services, along with
opportunities to network with professional associations.
- The initiative aligns with the Government of India’s National Education Policy 2020, which emphasizes the modernisation of the education sector to prepare students for emerging job opportunities. Special attention will be given to improving female participation in technical education.
- Outreach programs will be organized by the participating institutions to provide comprehensive and improved information about technical education programs to prospective female students, parents, and guardians.
- These initiatives will aim to raise awareness about gender issues, dispel misconceptions about women’s abilities in STEM fields (science, technology, engineering, and math), and offer a wider range of options.
- The loan of $255.5 million from the International Bank for Reconstruction and Development (IBRD) has a maturity period of 14 years, which includes a grace period of five years.