Reserve Bank of India Governor, Raghavanath Tagore, and Finance Minister, Mr. Narayan Murthy, have both said that they expect all Indian Institutes to be fully operational by the end of fiscal year 2021. Both of them are speaking from the platform of an upcoming seminar that is being organized by the Reserve Bank of India. In a speech that he will deliver in Delhi, Tagore said that, “The pace at which we are proceeding in the current economic crisis is satisfactory”, but that, “we should not allow the poor conditions to deteriorate further.” He went on to add that, “we have been successful in slowing down the economic cycle, but we will have to maintain our effort and continue the policy framework until we find the right time to move on to the second phase of economic liberalization.”
According to reports, the finance ministry is also planning on announcing some new measures that will be taken up by the banks to manage their massive exposure to non-performing assets. One such measure would be to allow the commercial banks to resume making direct loans to the private sector. The banks were asked to submit financial performance reports to the government by July 31st.
Murthy, on the other hand, told the assembled media that, “it is important for all students to go to institutions that provide quality education. I will be emphasizing the need to protect the interests of small entrepreneurs and also ensure that the maximum number of students is admitted in these institutions.” He went on to add that, “the government will be looking at the premium that institutions charge for bad credit students…to keep up with the increasing costs of education.” He added that the government is “working closely” with private sector players and would announce a few educational policies shortly.
Cardona also told the assembled media that, “there has been a marked improvement in our internal functioning. We have improved the delivery of services to customers. We have improved relations with the unions.” He went on to say that, “in the current year, we expect an improvement in our ability to handle our finances.” However, he declined to offer any detail on exactly what he meant by this and refused to comment on any recommendations that the government might be making.
President Cardona’s comments come at a time when there has been a very strong push by the Cardona government to reduce the number of institutions from which government funded immigrants can take out loans and grants. The Cardona government insists that the number of immigrants getting financial support from the government should not exceed the number of schools which are already on campus. A recent article in the New York Times reported that the Mexican government was contemplating a record increase in the number of foreign students enrolling at American colleges and universities this academic year. The plan is said to be in the works since last fall.
Speaking about the need to lower the numbers at the many foreign language speaking institutions, President Cardona says, “we cannot create separation in our society or in our people if we fail to integrate. That’s why I say we should integrate in all aspects of our society and also in the educational system. But I don’t think that’s going to solve the problem.” He added, “I think that you’re going to have to make the government responsible for giving money for education and then take responsibility for using it.” The proposal seems to run counter to Cardona’s previously stated views on the issue.
President Cardona says he wants to increase immigration levels and is opposed to any restrictions that might be put in place. “If the government says no to schools, how do they get the children there?” asks Cardona. “That’s why I say we should integrate the educational system, but I don’t think that means in the way the Cardona government wants to.” He emphasizes that education is the first step to a successful life.
According to President Cardona, integration means, “the right number of schools, integration of culture, of language, of cultures. I don’t see that happening tomorrow. That’s why as a government, we should say no to the governments of Europe, say no to the European union and say that this union is not at all compatible with the Brazilian government’s policy of open government, open economy and human rights. Integration means mixing cultures, and there are too many cultures in Brazil.” He concluded, “We should be proud of the generations that came before us, we should be proud of our great ancestors, that those generations will carry on the memory of their sacrifices, they created that civilization, and we should appreciate all of that, because it’s part of Brazil.”