Mumbai : US students who are looking for universities outside US, would be future market for Indian universities, if they present their education as trade-able on a global level. Education has the potential to catapult the Indian economy and make India a superpower as it had happened with the US economy, said Lawrence Summer, President Emeritus and Charles W Eliot Professor at Harvard University. He was speaking on ‘Reinventing the University with focus on Reconciling Equity & Excellence in Higher Education Worldwide’ at the University of Mumbai on Tuesday.

“Higher Education is a very important factor on the US national agenda. Wherever the US stands today is because of higher education. Education sector became a market and thousands of foreign students come to US for studies. They buy our food, accommodation, clothes and eventually rolls our economy. Same could be happen here in India,” he said.

He underlined that Indian population is 200 times bigger than New Zealand, still more US students go to New Zealand than India. He said: “The picture can be changed if Indian education institutes make a road map and rigorously implement it. India is an English-speaking country so it has that advantage. It would be in mutual interests of US students as well as Indian universities.”

Lawrence put forward a four-point suggestion for Indian universities. He said: “First, the education institutes should have the right academic culture where anyone can raise questions about anything and anybody. Students should feel free to discuss any idea, without any hesitation. Also, education institutes should have autonomy to govern and prescribe its syllabi.”

“There should be competition for success. US universities face competition while employing excellent professors. They give competitive packages.There should also be a long lasting relationship between the institute and students. Students are future philanthropists and may one of them become the President of US. It would develop the relationship between the two countries,” he said.