Maharashtra Launches Groundbreaking Study at Gokhale Institute Pune to Boost University Finances
Pune, 7th March 2024: A pioneering initiative has been launched in Maharashtra to enhance the economic viability of traditional universities and institutions through a comprehensive study. This significant undertaking has been entrusted to the Gokhale Institute of Politics and Economics in Pune. The primary objective of this study is to formulate an alternative financial model that ensures the economic sustainability of universities across the state.
Currently, the state of Maharashtra is in the process of implementing the National Education Policy, which is expected to bring about substantial changes in the education landscape. In line with this policy, a committee was constituted under the leadership of the then Pro-Chancellor of Dr Babasaheb Ambedkar Marathwada University. This committee submitted a comprehensive report to the Government of Maharashtra in June 2022, outlining measures for the financial empowerment of universities and colleges.
The committee, comprising Vice-Chancellor of Gokhale Institute Ajit Ranade, Dr Vishal Gaikwad, Prof. Abhay Pethe, and Vishwanath Giriraj, is tasked with delving into the financial conditions of universities. To support this crucial study, a fund of Rs. 18 lakhs has been sanctioned to the Gokhale Institute, marking a pivotal step towards fostering the economic viability of traditional educational institutions in the state.
The committee’s mandate encompasses a comprehensive examination of global and state-level funding mechanisms for institutions, scrutinizing funding structures, identifying disparities, and reporting on the current financial status of educational institutions. Measures to address deficits, encourage partnerships, attract investments in higher education for financial aid, explore alternative forms of financing, and analyze educational charges and potential consequences will be central to the committee’s inquiry. The committee has been allotted six months to compile and submit its final report.
In the context of the Department of Higher and Technical Education of Maharashtra, which boasts an annual budget of around 14,000 crore rupees, a significant portion—nearly 13,000 crore rupees—is allocated to salaries and pensions. Government Universities receive grants in the form of both salary and development funds. Importantly, the Department of Higher and Technical Education assures that the study will not impact the regular grants provided by the government.
This marks the first-ever examination of the financial condition of universities in Maharashtra, a crucial initiative considering the annual budget allocation. The study acknowledges various potential avenues for raising funds, including collaborations with industry, engagement with alumni, partnerships with foreign universities, and seeking donations, all aimed at supporting research and development initiatives. The ultimate goal is to ensure the financial viability of universities in the state. Dr. Shailendra Devlankar, the Director of Department of Higher and Technical Education, emphasizes the significance of this study in achieving that objective.
