In
recent years there has been increasing concern about the
deterioration in the standards of higher education in
economics in the country. Undoubtedly, India has produced
and continues to produce economists of high calibre who have
made valuable contributions to theory and policymaking.
However, at present, there are only a limited number of
centres of excellence in post-graduate teaching and research
in economics in the country. For various reasons, some of
which are well known, these centres of excellence have been
dwindling in number. It is unfortunately true that today
there are very few schools where teaching and research in
economics reach up to the best international standards. On
the other hand, the services of well-trained, competent
economists are in great demand, and the demand is expected
to grow exponentially with the rapid growth and
globalization of the economy.
A fast growing economy such as India needs the services of a
large number of well-trained economists. The government,
whose economic policies vitally affect the growth trajectory
of the economy as well as its stability, needs well-trained
economists at various levels. The private sector, whose
ambit and scope of operations are expanding and which has
now entered several new areas such as banking, insurance,
heavy industries and financial services, will also need
economists of high calibre. However, at present, there are
only a limited number of centres of excellence in
post-graduate teaching and research in economics in the
country. The number of young economists being produced by
the shrinking number of centres of excellence is far from
adequate to meet this rapid growth in demand for
high-quality professionals from the public and private
sectors, in addition to meeting the needs of universities.
It is in this context that a few prominent industrialists
and academicians came forward to estabilish the Madras
School of Economics(MSE). The primary objective in founding
the MSE was to create a Centre of Excellence in
post-graduate education in economics in the country.
The starting of the MSE can be looked
upon as a venture to establish a largely privately funded
independent institution of higher learning in a vital field of
social sciences. The aim is to attain standards prevailing in some
of the best schools of economics abroad. Merit will be the major
consideration in the recruitment of staff and the admission of
students subject to certain statutes governing reservations.
Enrolment is being done on the basis of national competition since
MSE is a national institution, though named after the southern city
of its physical location.
It was decided to build up MSE as a largely privately funded
institution. The need for private initiatives in higher education
was felt because of the resource constraint faced by the government
and more importantly because private institutions, duly accredited,
would have greater flexibility for innovation and introduction of
stricter standards. The hope was that after MSE had become fairly
well-established, it could be approved as a deemed university and
then it would have both autonomy and the approval of the University
Grants Commission.
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