CHENNAI: Increasing the government expenditure on school and higher education will pave the way for strengthening and protecting democracy and the fruits of economic growth to reach all sections of society, Dr G.Viswanathan, Founder and Chancellor of VIT University, said on Saturday. He was delivering his presidential address at the 2nd annual convocation of VIT University's Chennai campus.
Former Governor of Tamil Nadu and Assam, Dr Bhishma Narain Singh was the Chief Guest and N T Arunkumar, Board Director and Strategic Adviser (Tata Group Co., FinTech and Analytics Startup, Financial Services, Special Representative for IT and Innovation (Government of Andhra Pradesh) was the Guest of Honour.
In his address, Dr Viswanathan said that only 5 per cent of Indians were able to pursue higher education in India even 70 years after Independence, while it was 40 per cent in the United States of America. Among Indians in the United State, the figure stood at more than 50 per cent, he said. "Hence, it is most important that we concentrate on education in order to protect and strengthen democracy. As a nation grows the fruits of economic development should reach all sections of society, but it has not happened in India. Inequality continues to be a big problem," Dr Viswanathan said.
"The top 1 per cent of the population owns 58 per cent of the wealth of the country. The 57 billionaires in India own 70 per cent of people's wealth. We are taking a lot of efforts to improve school education, but we are lagging behind in higher education. When Nehru was the Prime Minister, a Committee was formed under the leadership of former President Dr. S Radhakrishnan. The Committee recommended that at least 6 per cent of India's GDP be spent on education," Dr.G.Viswanathan said.