Liberalization, Privatisation, Globalisation or LPG is an educational policy started by the Indian government. Under the New Economic Policy, India approaches banks to foster the development of the country. Liberalization of the economy refers to the independence of the economy from physical or direct controls that are imposed by the government. Privatization refers to the general process of including the private sector in the operation or ownership of a state-owned enterprise. Globalization refers to the process relating to growing economic interdependence, deepening economic integration, and increasing openness in the world economy.
The impact of Liberalisation, Privatisation, Globalisation on Education in India are as follows:
- Funding: Liberalisation, Privatisation, Globalisation brings a constant stream of funding that can be used to facilitate a research-based career and make it a probable option for advancing the future of Indian teachers and students.
- Supply of Education: It can help increase the supply of education which is facing a huge shortage. The growth in the competition among educational institutions will make sure that they avoid charging an excessive premium fee for education. Increasing the supply of education will consequently result in the decline of expenditure on education.
- Economic source: The Indian economy is hugely fuelled and profited by the service industry. As a result, with the education sector becoming a large part of the economic source, it can boost the economy.
- Save Capital: At an annual cost of an estimated US$ 1 billion, there are hundreds and thousands of Indian students who go to study abroad. This can also lead to the exodus of numerous students who have left the nation to study abroad and can save immense capital for India.
- Industry-oriented education: The incorporation of Liberalisation, Privatisation, Globalisation would emphasize specific skill sets thereby leading to the development of better industry-oriented graduates.
- Enhances core values: It aims to enhance the overall core values of learners related to research and technological advancements. It also helps in improving the outlook of the learners and their horizon of problem-solving and perceiving.
- Global skills and knowledge: According to Magnan and Back, 2007, “Through cultural immersion, students who participate in global education programs can gain a greater depth of knowledge about and appreciation for new cultures. This often includes acquiring advanced language skills.”
Fernandez (2006) states,
“By experiencing the differences and similarities between their host country and their home country, your student will enhance their global perspectives and obtain a greater awareness of global affairs, including political, educational, societal, and economic issues.”