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Indians Donate Millions to U.S. Universities, Forget India
On the other hand various reasons are citied for funds not flowing in for Indian universities by the Indian entrepreneurs. The reason why they contribute to endowment funds abroad rather than invest in Indian education as per Pramod Bhasin, Genpact President and Chief Executive Officer is “I think one of issues that people face, particularly NRIs, is that charitable donations made in India, may not be tax deductable as in the U.S., depending on factors such as how is a trust registered, whether it is recognized internationally or not...That could be an issue,” as reported to Business Line.
Another reason for the donations to universities abroad is that the Indian entrepreneurs feel that Indian universities do not have the ability to utilize the funds well.
Raising funds for building infrastructure, apart from day to day operations is a constant need of Indian universities as well as universities abroad. Many reports in fact throw up facts on how Indian universities do not rank in any of the International quality surveys. Further statistics also stress on the immediate need to build hundreds of new universities and to increase gross enrollment ratios at Indian colleges.
