Prof. Raj Shree Dhar
Making India self-reliant five things are necessary-intent, innovation, investment, inclusion, infrastructure-Prime Minister Narendra Modi
The COVID-19 pandemic has had a devastating effect on the economy of the world in general and the Union Territory (UT) of Jammu and Kashmir in particular. It is time for all in the Union Territory to respond positively to the predicament at hand, intensify research to find solutions, assist the government in developing ways to contain the pandemic and, improve the economy and find other channels to deliver the maximum growth in GDP. This article looks at how the institutions in the Union Territory of J&K can restart the economies that have been hit hard and the need for the government to support businesses and workers in the short and medium terms, although it may end up straining public budgets and debt. This will undoubtedly challenge the financial sustainability of the Union Territory in the years to come, but we need to face the challenge head-on and with aplomb.
The world is undergoing one of the worst economic crises, and this is bound to result in sharp economic deterioration in the developing and underdeveloped countries with low GDP. The deep economic crisis is a result of the overall poor development of productive forces, and that may directly worsen the quality of life owing to unemployment, insecurity, hopelessness, disease, ignorance, etc. Nevertheless, we are now entering a phase wherein we can resume more or less normally, catch our breaths and begin to look forward, assessing the opportunities and threats that the crisis poses.
It is crucial for JKUT institutions to realize that any improvement in their revenue-making potential must be accompanied with an ability to understand and adapt the marketing mix to achieve marketplace success. The institutions’ marketing mix comprises product management, pricing management, distribution management, promotion management, people management, physical evidence management, and process management. A university’s or institution’s product management should be seen as the management of anything of value that it offers to a market in exchange for the said value. Thus, the courses offered by the institution/university, its buildings, lawns, classrooms, vision, mission, and facilities are all products that it provides.
To manage their products properly, there must be periodic audits of the products to ascertain which of them has good resonance with contemporary students and other stakeholders who patronize the products of an institution. Accordingly, some products may be shelved and new ones introduced to make the institutions relevant in the global marketplace.
Listing five pillars for a self-reliant India, Prime Minister of India Narendra Modi Ji stated that the first is economy that is incremental change and not quantum jump. The second is infrastructure. The third is a tech-driven system. The fourth pillar is our vibrant democracy. The fifth pillar is economic demand. “The supply demand chain must be utilised to the fullest,” he said. Building on this statement, we need to vigorously market higher education so as to bring an increase in the teaching and research grants for a flourishing education sector.
It is evident by now that most of the higher education business models, dependent on annual tuition fee increases and Government assistance, have fallen prey to COVID-19. Current business plans are based on margins that have been getting slimmer and slimmer every year. In such an unforeseeable scenario, year-round recruitment activities will allow applicants greater flexibility in college and university selection and enrolment. New business models and financing options will bring stability to the ‘bottom line’. Collaboration, not competition, must be embraced by all members of the institutions.
The virus, though inadvertently, exposed the weaknesses of many current higher education business models, especially in colleges and universities. This brought to our attention many imminent problems; for example, if the academic year is changed and students are enrolled in both in-person and online courses, should tuition charges be different for each method of instruction? What could the return on the investment be of improved progression and graduation rates? It is impossible to estimate the number of colleges and universities that may be forced to suspend operations and close down due to declining student enrolments and revenue.
Assuming that safe, by taking vaccine, let us make India COVID-19 free!” , what could be done by vulnerable universities to prepare for merging with other institutions instead of closing down? Who on the vision team could be tasked with compiling a shortlist of colleges and universities that would be a good ‘fit’ for merging with the institution? What criteria should the university/institution use to determine potential partners? Is teaching online courses part of the institution’s criteria? Can negotiations include offering dual degrees? Will merging result in better retention rates and less student loan debt? What are the benefits and liabilities? The opportunities that have opened up in this milieu are based on the belief that higher education, as we have known it, will never be what it was before COVID-19 rewrote the rules governing when and where students enrol and graduate. The pandemic has exacerbated the already prevailing confusion in the sector and made it uncertain not only for those who work in the sector but also for those who intend to study in its colleges and universities.
Crises can make innovations, that may have previously seemed impossible, suddenly inevitable. There will be years of ‘reckoning’ that higher education institutions will go through. However, the ‘new normal’ we must shape needs to begin with the recognition that offering classes on Zoom does not mean change. Societal demands also require a more committed, highly skilled, and more responsive research community when it comes to research integrity, ethical norms, and general accountability to democratic institutions. The COVID-19 crisis is undoubtedly a human tragedy. But it also provides an opportunity to build a better and more sustainable future through a combination of science, knowledge, and political responsibility. Higher education institutions need reimagining, not just repairing. Educators, policy-makers, employers and investors must urgently re-think what a post-COVID world should look like and what role higher education institutions must play to make that world a reality.
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