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BE RICH, Be British policy ? Debate

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umesh derebail
from Mumbai |

Finally the UK govt. has revealed that no more jobs for Indians or Asians in general.  It obviously means that one has to be highly specialised or expert in the field of medicine, engineering, space or IT to obtain a job in UK.  If one is so highly specialised or expert why should they be slaves abroad they will earn enough in India with volumunous number of customers.    I believe it will be foolish of parents to try to obtain foreign degrees for their wards spending upto 40 lakhs.  It is better to do obtain an Engineering degree with 5 lakhs rather than paying up a fortune and ending up jobless.  Debate guys

Edited
Reason: add info

Replies 1 to 5 of 5

Subhorup Dasgupta
from Hyderabad |

I believe that at the root of the problem is our lack of respect for our own systems, which have further degenerated due to lack of patronage. When we as Indians do not find value in our own system, how can we complain when we are ripped off by someone who is just doing business. I liked the IIPM reference. Parents of today need to take matters into our own hands by teaching our children to respect and nurture the land they were born in. Provincial? So be it.

Madhur Chadha
from Hyderabad |

I beleive its high time we stopped equating Sucess=Placement stats

Its all about learning to cycle, what you do with it is upto you.

Foreign educational institutes are not bad, sorry to state that but many of them are much better than most indian institutes in terms of education still.

They have been around for ages, much older than Indian colleges and no point in disregarding this fact. Its all about getting the best education possible.Many of them are good and we need to respect that fact.

We cant become great unless we start recognising the good of others. 

Yes jobs do matter but saying that its no longer a good thing to try and get best possible education because of this is over generalisation.

Jobs may not be there today, but can you guarentee next year? or 10 years from now?

Its all about changing mentality, we should stop deciding our course of study based on where the maximum placements are. Times are tough but that doesnt mean you start compromising .

Sadly we decide everything like this

  • I want to study
  • Study what? 
  • Seems MBAs are in demand
  • where?
  • College X says 100  placements
  • Ok , which branch
  • seems finance has highest pay packet
  • Ok done you go to college X and will do Financing for the rest of your life

So if you can afford it and have your heart set to some education,India or abroad, by all means go for it.

To people who will now cite examples of taxila and how foreignes came to learn from us: Excatly my points, when we had the best gurus and best educational institutes ,many foreginers travelled for years to come here and get educated. Now if we see something good out there , why not try? Try to get the best possible education,dont give up your hope just because no placements.

umesh derebail
from Mumbai |

Madhur, i respect your opinion but the fact remains that most of the students who go abroad and study paying hefty fees and commission to the agents of crass commercialisation have to ultimately end up repaying the money to the bankers.  Otherwise the bankers will sieze the property or assets of the parents.  If the student does not land up in a high paying job how is he or she going to repay the EMI ?  The primary reason why students go abroad is to seek employment not best education. Some of the fortunate few get fellowship and sponsorship which does not cost them.  In such cases whether they are employed abroad or not it does not matter, they will eventually be recruited in good corporates.  

With regard to education imparted at Nalanda it was free of cost, and foreigners came to learn from far and wide and ultimately returned rich in thinking and formed religions of their own with inspiration.  

We are practically seeing the fate of the parents who are suffering, when they have to sell off the property to discharge the loan liability.  Bankers are in some way helping the wards to get employed.  Some ruthless guys settle abroad by hook or crook giving up the liability of loan here in India. The moral of the story is that we are not here to feed the depressed economy abroad unless there is reciprocation of job avenues.

The Sorcerer
from Mumbai |

Umeshji, I honestly believe you need to check the minimum pay day for a fresher from B schools before assuming and should know about educational loans. If a college is of good repute and well known (famous is overated), the chances of a person qualifying GD, PI and Written tests with a background of decent (Emphasizing the word decent: as in lets say average) and being in 2 years and doing 1-2 projects in the middle, chances are  as good as secure that he will get a good job between 40-60k per month- as a fresher. If he doesn't, then he chose a wrong college. Again, a person even with such track record will land only in decent colleges, if not good or the best or the elite. IINM, educational loans are given based on the merits of the individual. They pretty much take the same paperwork that you need to do during college admissions. If everything goes well they give you an insurance (usually) and pay for your fees+ books+ and maybe pay for a notebook (some do it). After you passout, they give you 1 month-6 months to get a job, incase you have a mountain of bad luck. Banks like SBI even offer lower credit for high merit students and/or good college- atleast last time I've checked. If you are not joining a good college and expecting decent job, he or she doesn't know how the degree really works.

umesh derebail
from Mumbai |

Sorcy for your info my wife is a banker and i have plenty of relatives too in banking industry.  The loans are not given on merit for your info, they are given on financial security and collateral guarantees.  For example if the parents income is below 2.5 lakhs than interest is totally subsidised, one needs to repay only the capital borrowed.  Otherwise above 4 lakhs loan amount is secured through mortgage of property generally house or apartments.  The interest burden is currently close to 13% in most nationalised banks.  I agree with you that choosing the right college with a good placement record is the criteria, so that one gets placed before completion of MBA or BE, that is the right way to go.  My friends son is just completing BE with a reputed institute he has got offer at Infosys with a gross package of 3.6 lakhs per annum.

umesh derebail
from Mumbai |

If some banker states that loans are given on merit obviously means that he has axe to grid and some money to make since he is sounding out that it is difficult to obtain loans for education.  Beware of such bankers.  Prudent banking is always meant to recover loans based on security it is as simple as that.  13% interest is quite high earning for banks even housing loans are in the region of 12 to 12.5%

The Sorcerer
from Mumbai |

How is 13% is a "burden" when the pay grade after passing out is worth it? We're not in a state like United States currently that even good grads from good colleges are not getting jobs, are we? Burden is not the right word! And usually, paying such loans is not really the obligations of the parents, rather its of the child- atleast that's how people do it here. A lot of such people I know end up doing a pre-pay well before its supposed to end. As far as what I've seen B School grads do is that after getting a job via college placement, they find their own job and once they get it and if the pay grade is higher, they go back to the college placement fellow and show that this is the offer he's getting. If he's worth it, they give him a bit higher increment. This is something people have been doing for a very very long time.

umesh derebail
from Mumbai |

If we go by your own logic that quality of education abroad is the best, than why are the students not employed abroad ?  The student ends up spending 30 lakhs in two years and if he or she returns empty handed without a job what will be the morale of the student and parent concerned ?  It is better advised for the parents if they feel that their ward has to travel abroad spend 5 lakhs they can travel for 3 months abroad and learn the ways of life and examine opportunities.  A nice business can be set up with 25 lakhs investment in India itself so that their future can be taken care.  Let us be practical, if 50% of the students are not placed abroad than the university or college should guarantee refund of the fees paid if so than students can go abroad otherwise it is futile.

The Sorcerer
from Mumbai |

I haven't said abroad education is the best, I haven't said that its the worst either. Same thing for Indian colleges. If a child doesn't have the brains or the merits to pass through GD, PI and written tests even on a decent college then rather than being a jerk and putting his parent's finance in trouble by going for private colleges- international or Indian- and should go for another career path while he still can. Not everyone can be engineers, doctors, business grads- and there are many fields that have a decent pay grade- except maybe IT for the time being as a fresher because you end up slogging a lot for atleast 2 years especially if you're a fresher as you end in a contract, way too much work force and you paid- what? 15-18k?

umesh derebail
from Mumbai |

Sorcy most of the colleges look for mediocre students for extracting donation or hefty fees.  Brilliant and Intelligent students get admission where they desire, otherwise they are willing to wait one more year. Salaries in IT field that too starting may be low, but if they start working from day one they are fortunate one'sSmile

TF Carthick
from Bangalore |

I think education is often overrated. If you are smart enough, you can learn anything by reading the right books and do most jobs after 1-2 months on hand experience. Of course education is useful till school maybe. But beyond that, it is just about brand. Learning does not matter all that much. If you are into a top notch college, you send the signal that you are smart enough to do the job company demands. Thats all. Not like elite institutions give some magical education that transforms donkeys into men by sitting through boring lectures. I am talking abiut stuff like IT and management. Definitely education is an advantage in fields that require practical skills like medecine as you need live practice. 

umesh derebail
from Mumbai |

Nowerdays recruiters to cut costs have started recruitment at 12 or PUC level or basic degree level too.  Instead of paying 30 k they end up paying 15 k and train the freshers according to their need.  Such guys are more stable on the job.