Indian Higher Education - "Why and how of participating in the sector for a foreign player"

KPMG-Edge forum report
Indian Higher Education -
The defining years
Why and how of participating in
the sector for a foreign player
kpmg.com/in

© 2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Organisers
The Alliance for U.S. India Business (AUSIB) is a leading non-profit trade association that
offers a pathway to help your business succeed in the United States and India. AUSIB
seeks to augment investment flows and trade between the U.S. and India and open new
channels of communication between business and government leaders.
Alliance for U.S. India Business (AUSIB)
Mr. Sanjay Puri, Founder & President, AUSIB Chairman, USINPAC
www.ausib.org
The State Legislative Leaders Foundation is a nonprofit, nonpartisan, independent
national organization committed to providing specialized educational and enrichment
programs for the leaders of U.S. Established in 1972 SLLF communicates
regularly with these men and women through attendance of their university-based
educational programs, newsletters, research, and a variety of other activities.
State Legislative Leaders Foundation (SLLF)
Mr. Steve Lakis, President (SLLF)
www.sllf.org
Dr. D.Y. PatilVidyapeeth, Pune, (popularly known as DPU) has been accredited
by NAAC with ‘A’ Grade, is a leading Institution in the Indian Education System.
The university offers a spectrum of courses with a focus on providing high quality
education. It is also known for its emphasis on the inculcation of values and on
fostering of spirit of intellectual enquiry.
Dr. D.Y. Patil Vidyapeeth, Pune (DPU)
Dr. P. D. Patil, Chancellor, Dr. D. Y. Patil Vidyapeeth, Pune
www.dpu.edu.in
EDGE Forum has partnered with KPMG in India to produce this report.
EDGE Forum is a group of leading educational institutions from public and private sector committed to promoting highest
standards of education, value systems and governance in the field of higher education. It will particularly address the questions
of improving the quality of education in several dimensions like education governance, human resource management, cutting-
edge technologies, holistic approach to education infrastructure and above all adoption of best practices. It serves as an
analytical and authoritative source for policy recommendations on higher education.
One of the flagship activities of EDGE Forum is the annual conference which has emerged as an authoritative platform for
the higher education sector to showcase the recent developments, discuss and deliberate on topical issues and explore
partnerships and alliances with international and Indian counterparts.
The 5th edition of the annual conference is scheduled between 12 – 14 March 2012 at India Habitat Centre, New Delhi.
The event consists of Conference,Workshops, Exhibition, Awards and networking events.The ‘Call for Session Proposals’
and Delegate Registration is now open. Block your dates! For more information please log on to www.edgeforum.in
Emerging Directions in Global Education

The Indian government has traditionally focused more on
primary and secondary education vis-à-vis higher education1
which as a result reflects on the country’s poor gross
enrollment ratio that stands at 12.4 percent2
. In the next two
decades, India or rather Indians will account for close to a
third of the working age population in the world. Realizing the
importance of educated manpower and the potential it has
in helping the growth of economy, efforts are on improving
higher education.
Education Minister Kapil Sibal is hopeful that by 2020 the
GER would be 30 percent3
but it would remain a mere wishful
thought if it is not followed by action.This would entail in
the words of Sibal making available 1000 more universities
and 50,000 more colleges to its 40-45 million college-ready
students4
.This is an uphill task for any government alone to
achieve hence private partnership and foreign collaborations
are the way forward. It is in this context that the Foreign
Education Provides Bill, 2010 assumes importance and merits
quick legislation to make it an Act.
It is in the national interest of the country that it gets
institutions of repute to convert its demographic dividend into
a boon.This is akin to entry of foreign players in Insurance
andTechnology or recently Retail.Though there are bound to
be a few hiccups such as disruption with local Indian players
(in these case universities) and we should equip and protect
them. But this doesn’t mean we can shut our doors to these
universities.
It is a mutually rewarding relationship for these universities as
well. Developed countries – particularly the US, UK and other
parts of Europe are going through a recessionary phase in
education5
too – in a different sense.The share of their local
students is consistently declining and many of them have
realized that going global is critical for longevity. The recent
economic recession has adversely impacted them in terms of
the grants and endowments that they usually receive.This is
also forcing these universities to look at emerging economies
like China and India for a more stable and self sustaining
source of income. Hence, this could be the right time for us
to woo these universities to India.
While the Foreign Education Providers Bill 2010 (FEB) is
fundamentally in right direction and has created a lot of
interest in universities looking at India, lack of clarity in
requirements and whether the bill will ever become an act –
have been dampeners. Foreign varsities are skeptical about
the practical viability of setting up a campus in India.The Bill
mandates that each university has to maintain a corpus of
INR 50 crore and the profit that the varsity makes has to be
ploughed back into their branch in India. Besides this they
also feel that there is no clarity on taxation and regulations
that would be crucial in setting up a branch in India. Given
their current finances, these are not giving any comfort. Much
also depends on their partner in India and there are examples
of their predecessors – who had faced setbacks due to
alliances with less serious players – who did not understand
the ‘business’ of education.
A detailed and a section wise analysis of FEB – in terms
of ownership and partner-related assurances, regulation,
finances and repatriation for investment protection,
curriculum ownership, operational compliances and a
conducive environment to bring the best faculty – apart from
creating a supportive Industry sector participation is the need
of the hour. Equipped with this, India should approach those
varsities – which cater to its requirement - and proactively get
them to India.
Narayanan Ramaswamy
Partner and Head – Education Sector
KPMG in India
1 Education trends in perspective: analysis of the world education, UNESCO/OECD World
Education Indicators Programme - 2005
2 www.education.nic.in/HigherEdu/Report-UGCDPR.pdf
3 http://articles.timesofindia.indiatimes.com/2011-04-27/jaipur/29478592_1_union-minister-new-
campus-sibal
4 http://www.thehindubusinessline.com/industry-and-economy/article2537790.ece
5 http://www.kpmg.com/IN/en/KBuzz/Kbuzz_Issue10.pdf
The sentence quoted is that of Mr.Narayanan Ramaswamy in the article “Foreign Education
Bill: Why, What and What More?”
PREFACE

While the Foreign Education Providers Bill, 2010 will pave the way for foreign varsities to enter
Indian shores, it is important to gauge the existing infrastructure and regulatory mechanisms
which prevail in the Indian higher education scenario.
Around 13 million students enrolled in India in 2008 making it the country with the third highest
number of students behind USA and China yet when compared globally it falls behind with a
poor GER of 12.4 percent which is way beyond the global average of 26 percent. India hopes
to achieve 30 percent GER by 2020 and with the middle income groups’ increasing propensity
to spend on education and the growth of private education providers could help India reach its
goal.1
Investment is crucial to the growth of higher education in India but education is still a social
subject and the government does not allow ‘for-profit’ institutions1
preventing investment in the
higher education space.
A complex regulatory structure and the challenges in higher education such as lack of faculty,
ineffective accreditation system and low employability of graduates could prove detrimental to
the aspirations of foreign varsities hoping to establish themselves in India.While the Bill when
it becomes an Act targets to improve the higher education scenario in India substantially, issues
such what type of entities these institutes would fall under, taxation and regulations is clouded in
confusion.
But weighed against these challenges are equally strong cases of successful collaborations
between foreign universities and Indian varsities such asWharton Business School, University
of Pennsylvania’s tie up with Egon Zehnder International in Mumbai or Fuqua Business School,
Duke University’s tie up with IIM Ahmedabad to offer Global Leaders Program in which seven
days of the 14-day program are offered in India and the remaining in Paris.1
International models such as student exchange, twinning, research partnerships and distance
learning could be explored by varsities looking to enter India. Besides this some critical success
factors such as location, local partners, choice of programs besides knowing the regulatory
mechanism well which have helped the existing foreign education players will act as useful
pointers for foreign varsities keen on entering the Indian market.
EXECUTIVE SUMMARY
1 KPMG Analysis

© 2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.© 2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Inspiring US educator Marva Collins once said, “The essence of teaching is to make
learning contagious, to have one idea spark another.”1
In India, there is no dearth
of good ideas but somehow the spark to execute those ideas is missing—both in
government and private sector alike. So far India’s education sector has benefitted
from the seeds sown in the post-independence era and afterwards, but the cracks are
showing now, and they are widening.
Thanks to the country’s growing economy, India now needs a wide reservoir of educated
and skilled workforce more than ever. But the country’s education sector has failed to
keep pace with changing times—both in terms of volume and quality. Though India
figured among the top three countries in terms of number of people enrolling for higher
education, UNESCO’s figures suggest that in the past decade India has lagged many
countries in terms of gross enrolment ratio—the ratio of population in the of 18-24 to the
population enrolled in higher education. In 2006, the National Knowledge Commission2
had proposed that India needs 1500 universities. In October this year, HRD minister Kapil
Sibal echoed this while addressing the maiden Indo-US Education Summit inWashington
reiterated that the country needs 1,000 more universities and 50,000 more colleges to educate
its population which is going to be the youngest in the world.
Estimates show that within a decade India will have a far younger population than other large
economies. According to the National Commission on Population, the median age in India will
be 29 as compared with 37 years for China and the U.S., 45 years forWest Europe and 48 years for
Japan.3
India currently has around 500 universities and 20,000 colleges4
, clearly not enough to teach and skill
its burgeoning youth—India’s much-talked-about demographic advantage.
The Foreign Educational Institutions (Regulation of Entry and Operations, Maintenance of Quality and
Prevention of Commercialisation) Bill, approved the by the Union Cabinet in March 2010, that would
allow foreign education providers to set up campuses in India and offer degrees, could partly help
overcome the lacunae.5
At the same time it will also open up opportunities for foreign players to set up
their branches.
INTRODUCTION
1 http://thinkexist.com/quotation/the_essence_of_teaching_is_to_make_learning/340676.html
2 http://www.knowledgecommission.gov.in/downloads/recommendations/
HigherEducationNote.pdf
3 http://www.standardchartered.com/media-centre/press-releases/2011/documents/20112505/
India%20Super-Cycle.pdf
4 www.ugc.ac.in/pub/report/12.pdf
5 http://www.business-standard.com/india/storypage.php?autono=388740

Higher education in India 01
Regulatory environment and challenges 05
Opportunities for Foreign varsities in India 11
Need to know: Foreign Investment Structures
and Compliance Requirements 12
Critical success factors for Foreign Universities
in India 18
Contents

The Indian higher education system is one of the largest in the
world comprising of around 550 universities and 31,000 colleges.1
Enrollments in higher education have been growing at a steady
rate of ~6.3 percent2
over the last decade to reach an estimated
14.62 million student3
enrollments in 2009-10.
Considering the growing demand for higher education, India will
need about 50,000 colleges by 2020.4
With about 13 million students enrolled in higher education
in 2008, India is the third largest country in terms of student
enrollments globally behind China and USA respectively.5
Source: UNESCO Global Education Digest, 2010 Source: UNESCO Global Education Digest, 2010
Yet India compares poorly with other countries in terms of
gross enrolment ratio (the ratio of population in the age group
of 18-24 to the population enrolled in higher education).
RISE IN GROSS ENROLLMENTS RATIO
HIGHER EDUCATION
IN INDIA
1
1 http://educationworldonline.net/index.php/page-article-choice-more-id-2607
2 http://www.nistads.res.in/indiasnt2008/t1humanresources/t1hr1.htm
3 FICCI Report - Making the Indian higher education system future ready
4 http://www.thehindubusinessline.com/industry-and-economy/article2537790.ece
5 http://www.usief.org.in/USPSummerSeminar/newsletter/Ma-April-2011/USIEF_UPDATES.htm

Source: KPMG Analysis
Recognizing the need to improve higher education in the
country, the Indian government has set itself an ambitious
target of 30 percent GER by 20206
. Achieving this target
would be a huge opportunity as well as a challenge, since
achieving even 26 percent GER7
, the global average for higher
education, would entail doubling student enrollments in the
country.
6 http://articles.timesofindia.indiatimes.com/2011-04-27/jaipur/29478592_1_union-minister-new-
campus-sibal
7 UNESCO: Global Education Digest 2010

But what makes this target seem
achievable is the increasing propensity
to spend on higher education. In
India, traditionally higher education
is funded by the student’s family in
private institutions; hence growing
private spending due to rising prosperity
has further boosted private higher
education.
Despite the global slowdown in the
recent past, the Indian economy saw a
robust growth and is likely to continue
growing at around 7-8 percent8
in
the next five years.With accelerated
economic growth, a rapid increase in the
middle and higher income households is
expected.
It is estimated that more than half
of the population would come from
such households by 2025. Additionally
educational loans for students have
become popular over the last decade.
According to the Reserve Bank of India
(RBI), education loans disbursed by
banks have increased by 46.7 percent
from INR125.6 billion in 2007-08 to
INR184.25 billion9
in 2008-09.
3
AFFORDABILITY AND WILLINGNESSTO SPEND ON HIGHER EDUCATION
At the same time, there is a large
increase in government spending on
higher education. As a mark of policy
shift, there has been a nine-fold increase
in government appropriations for higher
education from USD 2 billion to USD 18
billion for the 2007-2012 Plan.10
Increased private and government
spending is expected to drive the
growth of both government and private
institutions.
8 World Bank’s India Economic Update, 2011
9 http://www.financialexpress.com/news/study-loan-disbursal-of-psbs-shrinks-to-23/643992/0
10 Eleventh Five Year Plan

4
GROWTH OF PRIVATE EDUCATION PROVIDERS
The growth in higher education in the country over the last
decade has been led by the private sector.The private segment
currently accounts for more than a third of overall enrolment and
about 80 percent of enrolments in professional and technical
education.
Source: XIth Five Year Plan; AICTE and other Professional Councils of Education

REGULATORY ENVIRONMENT AND
CHALLENGES
With such strong growth drivers,
higher education in India is poised to
grow rapidly.While this gives a lot of
opportunities for investments by foreign
universities and education players in
higher education in India, the major
challenges are regulations surrounding
this sector.The regulatory hurdles
coupled with restrictions on exit route
are deterring players from investing in
higher education space in India.
Education is one of the priority sectors
and is still perceived to be a social
subject.The government has not yet
warmed up to the idea of ‘for profit’
institutions in the country. Commenting
on such a possibility in the near future,
HRD Minister Kapil Sibal recently said,
“I don’t think it is the right time yet
to let ‘for-profit’ institutions in higher
education operate in the country. I am
not saying such institutions would never
be allowed in the future. But as of now,
I can say the time is not right”.—Indian
Express, October 20111
5
1 http://www.indianexpress.com/news/Not-yet-time-to-allow--for-profit--
institutions-in-higher-education--Sibal/857162/

6
LEGAL ENTITIES ALLOWED IN HIGHER EDUCATION SECTOR
The education market in India is divided into two segments i.e. regulated segment
and unregulated segment.The higher education space falls under regulated segment
comprising of degree granting universities and colleges, which are governed by UGC,
AICTE, specialized professional bodies and state specific regulations.The regulated
segment operates under ‘not-for-profit’ model and entities allowed in this segment
are trust, society or not-for-profit Company (i.e. section 25 companies under the
Companies Act, 1956).
The unregulated segment comprises of vocational, coaching, test preparation,
research, etc. and can freely operate under ‘for-profit’ model.
In terms of legal framework, trust and society are governed by state specific trust /
society laws and section 25 companies are governed by the central law. Identifying
a suitable ‘not-for-profit’ entity option depends upon higher education segment and
analysis of other regulations and parameters (viz. governance, flexibility, etc.).
A typical illustration of ‘not-for-profit’ entities allowed in higher education is depicted in
below chart:
Not-for-profit entities
Entities Type/Function Legislation
Trust For a person who wants to set
apart a property / funds for a
charitable purpose
Governed by State specific Laws
Society Formed by several individuals
coming together for setting up
non-profit entity in a democratic
environment
Governed by Central and State
specific laws
Section 25 company To create non-profit concern
adjunct to its main business
activity
Governed by a Central Law

The Foreign Educational Institution Bill,
2010 (FEB) is being touted as landmark
legislation as far as Indian education
system is concerned. After having
been unanimously cleared by the Union
Cabinet in March 2010 and introduced
in Parliament on May 3, 2010, it has
now been referred to the Parliamentary
Standing Committee for its comments
and suggestions.
The Bill is aimed at regulating the entry
and operation of foreign institutions
which are imparting, or intend to
impart, higher education in India.The
Bill, if passed, would enable foreign
universities to set up campuses in India
and offer degrees.
The provisions of the Bill reflect the
government’s focus on quality, reliability
and accountability of foreign educational
institutions or universities intending to
establish in India. Further, FEB could be
a milestone in India’s higher education
which aims to achieve goals such as:
• Increasing Capacity
• Improving Quality –Challenging the
current standards
• Strengthen Research
• Save foreign exchange outflow
Some of the salient features
of FEB are:
• The Bill aims to regulate the entry,
operation and maintenance of
quality assurance and prevention
of commercialisation by foreign
educational institutions, besides
protecting the interest of the
student community from sub-
standard and ‘fly by night’
operators.
• It requires foreign education
providers to have operated in their
home countries for at least 20 years.
• The institute will need to have
adequate financial and other
resources to deliver its courses, and
to commit to maintain a corpus fund
of at least INR 500 mn.
• Once foreign education providers
have been approved, they must
ensure that their programmes meet
national standards and also the
standards (of curriculum, delivery
and teaching staff) of the main
campus in their country of origin.
• The institute must also reinvest
all surpluses in the growth and
development of their Indian
institutes (in other words, foreign
providers cannot repatriate any
surplus).
• If the foreign education provider
violates any provision of the FEB
or the UGC Act, 1956 or any other
law for the time being in force or
rules, regulations or orders made or
notifications issued there under, it
shall be liable to a penalty of INR 1
mn which could extend up to
INR 5 mn.
Challenges in Implementation
While the Bill when it becomes an Act
targets to improve the higher education
scenario in India substantially, the
issue of implementation is clouded in
confusion.
For example – it is not clear what entity
structure (i.e. trust, society, section 25
company) will be allowed to foreign
educational institution for establishing
operations in India.The second issue is
how the corpus of INR 500 mn would be
funded i.e. whether FIPB approval route
would be followed or FCRA approval
would be required.
Further, it appears from the Bill that the
foreign education institutions would
also be subject to multiple regulations
applicable to Indian universities and
institutions like UGC, AICTE, MCI
etc. Educational institutions in most
countries, particularly in UK and USA,
enjoy a high degree of autonomy and it
is doubtful whether a reputed institution
would agree to such a complex
regulatory framework in India.
Also, it is doubtful that foreign
institutions would be willing to put in
a huge corpus of INR 500 mn with no
hopes of repatriation or earning returns.
The policymakers would do well to
address the abovementioned concerns
and provide more clarity to create an
amiable atmosphere to attract genuine
foreign educational institutions.
Voices for and against the Bill
The Bill is being watched closely by
educational institutions around the
world and by supporters and critics alike
in India. Supporters of the Bill believe
that the entry of foreign institutions
will improve the quality of education
through competition, and that an
increased number of institutions will
increase access to education for a larger
portion of the population besides saving
a huge amount of foreign exchange
that is drained out of the country with
students going abroad to pursue higher
education.
Detractors worry about foreign
influence on the national identity as
well as the potential for inadequate
monitoring.The Bill has also met with
opposition from some quarters of
academia and lawmakers that insist
that the passage of the Bill may harm
the Indian universities and may result in
an exodus of academicians and faculty
from Indian universities and institutions
due to comparatively better paying
capacity of the foreign universities.The
7
FOREIGN EDUCATIONAL INSTITUTION BILL AND ITS IMPLICATIONS

opposition has expressed the view that
instead of inviting foreign universities
in the country, the government should
focus on and improve the existing Indian
universities.
Having said the above, the Government
would do well to address the concerns
of the existing Indian educational
institutions by improving the
infrastructure and quality of education
and at the same time creating an
environment which is conducive to
attracting the quality foreign education
institutions to India to fill the ever
increasing demand supply gap.
In the recently held India-US higher
education summit inWashington, the
HRD Minister Kapil Sibal stressed
on the need to create greater higher
education infrastructure in India and
solicited American cooperation in
this direction. Although the summit
did generate interest amongst the
American academic fraternity, the stand
of our Government and the provisions
of the FEB of not allowing profit
repatriation may well act as a dampener
in the India-US collaboration in higher
education.
Despite the concerns raised by few
quarters of academia and policymakers,
the truth is that in the next two decades
time, India or rather Indians, likely to
account for close to one third of the
working age population in the world.2
Faced with a severe shortage of quality
educational institutions, it is in our
national interest that we should get
institutions of repute to convert the
demographic dividend into boon.
8
2 KPMG Analysis

Besides regulatory challenges, as Indian
higher education grows rapidly, it faces
several challenges in terms of:
• Lack of faculty
• Ineffective accreditation system
• Low employability of graduates
While the number of Indian higher
education institutions has grown rapidly
over the last decade, the quality of such
institutions has not been able to keep
up with the pace. One of the major
problems plaguing India education is
non-availability of faculty.
While there exist various bodies
for maintaining standards of higher
education in India such as NAAC, AICTE
and MCI in practice – accreditation
process has not been effectively
implemented.
This is reflected in poor performance of Indian higher education
institutes in global rankings
Source:THE - Rankings 2011
CHALLENGES IN HIGHER
EDUCATION
LACK OF FACULTY
INEFFECTIVE ACCREDITATION SYSTEM
For some of the professional education
streams like Medicine and Engineering
the faculty is not adequate even in
existing universities and institutions,
thus spreading them too thin across the
institutes.This has also impacted the
quantity and quality of research work
carried out in the institutes.
9

Universities and colleges are churning
out growing numbers of unemployable
graduates without preparing them
for the workplace. As a result, the
unemployment rate of graduates
is increasing twice as fast as the
enrolment growth. Studies have shown
that less than 10 percent of fresh
graduates are employable in the
industry.
Source: Media reports, Purple leap study
Study was conducted in 2009
Report: Employability skills among Engineering Students
LOW EMPLOYABILITY OF GRADUATES
10

OPPORTUNITIES FOR FOREIGN
VARSITIES IN INDIA
In spite of all the challenges, India is
emerging as a significantly important
marketplace in the new global order
and several international education
institutions are strengthening their
relationship with India. Such educational
presence in India has immensely
benefited the international education
institutions as much as it has benefitted
the Indian economy. Programs offered
by internationally renowned education
institutions have contributed to the
educational advancement of senior
level executives from India, who are
keen, and understand their place in the
global environment.The educational
institutions, in return, have expanded
their own knowledge base through
research, relationship with business
leaders in India.
Trends in collaboration1
Global educational institutions are
predominantly opting for a partnership
model with leading Indian education
institutions while few others choose
to operate directly.The operating
model consists of short –medium term
courses which are offered either entirely
in India or partially in India and partially
in the collaborating global universities.
With leading business houses in India,
willing to invest in training their mid and
senior management employees, such
models are gaining acceptance in India
at a faster pace.
• Harvard Business School is the
pioneer of direct operation in India
through its Harvard India Research
Center and offers seven Executive
Education Programs of which four
are new entrants in 2012 portfolio.
• Wharton Business School,
University of Pennsylvania, has tied
up with Egon Zehnder International
to offer courses in India’s financial
hub, Mumbai.They have also tied
up with Indian FMCG major, ITC
Limited to offer function specific
training programs for their senior
executives.
• Fuqua Business School, Duke
University has tied up with IIM
Ahmedabad to offer Global Leaders
Program in which seven days of the
14-day program are offered in India
and the remaining in Paris.
• Another interesting trend of global
education in India is the formation
of a consortium among multiple
international education institutions
and offering courses of which
one module is delivered in India.
Lancaster University, UK, McGill
University, Canada, INSEAD,
France, Consortium of Japanese
Schools, KDI School of Public Policy
and Management have tied up with
IIM Bangalore to offer International
Masters Program in Practicing
Management.
The following sections will illustrate the
Internationalization Models followed by
foreign universities globally.
11
1 KPMG Analysis

NEEDTO KNOW
Foreign Investment Structures and Compliance Requirements
Having discussed various models and
the opportunities in store for the foreign
universities in India, let us focus on the
various ways of foreign investment,
taxation issues and the regulatory
bodies manning higher education in
India.
Foreign investments in India are
governed by Foreign Direct Investment
(‘FDI’) policy and related rules and
regulations.The FDI policy in India is
formulated by Department of Industrial
Policy and Promotion, Ministry of
Commerce and Industry. In formulating
FDI policy for various sectors, the
guidelines issued by other ministries are
also taken into account.
The objective of FDI policy issued
by the government is to invite and
encourage foreign investment in
India. Since 1991, the guidelines and
the regulatory process have been
substantially liberalized to facilitate
foreign investments in India.
The foreign investment in most sectors
is now under the automatic route i.e. the
non-residents can invest into sectors
under automatic route without any prior
approval from the regulatory authority.
Presently, foreign investment up to 100
percent is allowed under automatic
route in the education sector.1
Despite such relaxation, foreign
investment into education sector
has been predominantly restrictive
due to the requirement of ‘not-for-
profit’ entities in the regulated higher
education space.While, foreign
investment can be made in Indian
companies and partnership firms, it
is specifically prohibited in trust and
society. Even though foreign investment
can be made in section 25 company,
it is not an attractive proposition due
to charitable nature and inability to
distribute returns on investments by
section 25 company.
In terms of education infrastructure,
the government took a positive step
recently by allowing foreign investments
in education construction companies
with certain exemptions. The waivers
include not having to comply with
stringent construction-related conditions
of minimum development criteria,
minimum capitalization and investments
lock-in among others. Amid the current
regulatory environment, liberalization of
foreign investment norms in education
infrastructure is a welcome move by
the government which will not only
help boost investment in education
infrastructure but also the confidence
of investors and real estate players in
education sector.
12
1 Consolidated FDI Policy 2011

Considering the regulatory bottlenecks
for foreign investment in formal
regulated higher education sector,
alternative structures are being
explored. Depending upon the
commercials, education service
companies are being set-up to render
management and infrastructure
services to ‘not-for-profit’ entities
running degree courses.
The foreign investment in education
service companies is allowed under
the automatic route of FDI policy.
Such structures facilitate payment of
management fees to ‘for-profit’ entity
as a consideration for services provided
to trusts or societies or section 25
companies.
However, the transactions between
‘for-profit’ and ‘not-for-profit’ entities
are required to be conducted at arm’s
length with proper documentation
authorization from respective governing
councils. Such structures, in principle,
are in conformity with the rules and
regulations but are untested and carry a
certain element of risk.
Under the higher education regulations,
the core infrastructure assets are
required to be owned by not-for-profit
entities. Since foreign investment is
not permitted in trusts and societies,
the funding in these entities to create
requisite infrastructure base needs to be
by way of donations.
These not-for-profit entities can
avail foreign donations (i.e. foreign
contribution) under the approval route
as laid down in Foreign Contribution
(Regulation) Act, 2010 (‘FCRA’). FCRA
provisions allow either ‘one-time
registration’ which entitles receipt of
donations for continuous period of five
years or specific ‘prior permission’ can
be obtained for each tranche of foreign
donations, subject to satisfaction of
other conditions.
FCRA regulates the acceptance of
foreign donations and prohibit the
acceptance and utilization of the
same if the activities carried out are
detrimental to national interest. One
needs to ensure proper compliance of
FCRA to avoid any penal consequences,
especially, considering the rationale for
enactment of FCRA.
At this juncture, it is useful to highlight
the current ambiguity in making equity
investment in section 25 company.
While equity investment is allowed
in section 25 companies under the
FDI, the controversy is whether the
FCRA provisions also apply to such
investments? In other words, does
equity investment fall under the wide
definition of ‘foreign contribution’ under
the FCRA? Other similar ambiguities
need to be deliberated and considered
where foreign donations are involved.
Education, being one of the elements
of ‘charitable purpose’ as defined
under the present domestic tax laws,
the not-for-profit entities in education
sector enjoy tax exemption in India.The
donors enjoy 50 percent deduction of
the donations subject to fulfillment of
conditions.
In case of education service companies,
the profits earned are subject to
normal corporate tax rate as applicable
(currently, 30 percent plus surcharge
and education cess).
Some of the key challenges to be met
in continuing to enjoy tax exemption
status by not-for-profit entities are as
under:
• Meaning of ‘charitable purpose’ and
incidental activities covered within
its ambit
• Nature of expenditure covered
within the expression ‘application of
income’
• Maintaining independence between
‘for-profit’ and ‘not-for-profit’ entities
and determination of arm’s length
price for transactions amongst them
• Restrictions in utilizing surplus
funds at the not-for-profit entity level
In foreign collaboration models, the
payments received by the foreign
university from Indian partner institution
for providing services, access to course
materials and curriculum, brand name,
etc. are generally characterized as
royalty or fees for technical services in
the hands of the foreign university or
institution.This imposes an obligation
on the Indian partner institution making
the payment to withhold the taxes from
such payment. Presently, royalty and
fees for technical services are liable
for tax withholding at 10 percent (plus
applicable surcharge and education
cess) or lower rate, if specified, under
the relevant DoubleTax Avoidance
Agreement.
The government has proposed new
direct tax law [i.e. Proposed DirectTaxes
Code Bill, 2010(‘DTC’)], which once
enacted, will replace more than five
decade old existing domestic tax law
[i.e. Income-tax Act, 1961 (‘IT Act’)].
While most of provisions of DTC
are similar to IT Act, some of the
provisions proposed will have far
reaching implications in the context
of tax exemption enjoyed by not-for-
profit entities. For instance, non-profit
organizations (‘NPO’) carrying on
business not incidental to charitable
activity will be disqualified, related
party transaction not at arm’s length
disqualifies NPO from claiming NPO
status, etc. under the proposed DTC.
ALTERNATIVE INVESTMENT STRUCTURE
FOREIGN DONATIONS
TAXATION ASPECTS
13

An important decision that goes along
with investments into India by Foreign
Schools / Universities is regarding the
ForeignTeachers. ForeignTeachers
are either hired directly by the School
/ University set up in India or at times,
deputed from foreign schools into India.
In either of the cases, it is important
to be aware of the tax and regulatory
requirements in India. The Foreign
Teachers coming into India specifically
for teaching assignments, would
primarily need to arrive on an
employment visa. On arrival,
registrations with the Indian Revenue
Authorities and the Foreign Regional
Registration Officer would need to be
completed within the prescribed time
lines.
The ForeignTeachers will be taxable
in India (as they would be rendering
services in India). It is important to note
that such ForeignTeachers are at times
eligible to claim benefits under the
DoubleTaxation Avoidance Agreements
(DTAA) that India may have with
different Countries. For instance, the
DTAA between India and United States
of America (USA) inter alia provides
a tax exemption to an individual who
visits India for a period not exceeding
two years for the purpose of teaching
or engaging in research at a university,
college or other recognized educational
institution in India, and who immediately
before the visit was a resident of USA
(subject to prescribed conditions).
In case of ForeignTeachers having
a taxable salary in India, the Indian
entity (receiving the expatriates),
for this purpose, would be liable to
withhold taxes at source and have
these deposited into the Government
Treasury. The Indian entity will also
be responsible for completing other
compliance requirements viz. filing
quarterly withholding tax returns and
issuing Salary Certificates. The Foreign
Teachers, would be responsible for filing
their personal tax returns on an annual
basis disclosing, as applicable, their
remuneration and tax OR the exemption
so claimed (as illustrated above).
In addition to the above, the Foreign
Teachers (working in or in connection
with the Indian Entity) would liable to
contribute to the Indian Provident Fund
(Indian Social Security). The Indian
Entity would be liable to make matching
contributions. These contributions
would be subject to the provisions of
the Social Security Agreement (SSA)
that India may have with the home
location of the ForeignTeacher. For
instance, in case a ForeignTeacher
continues Social Security contributions
in Belgium and the ForeignTeacher can
obtain a Certificate of Coverage from
the Belgian Social Security Authorities,
he need not contribute to the Indian
Provident Fund. In the absence of a
SSA, the ForeignTeachers are eligible to
withdraw the aggregate contributions
after completion of their Indian
assignment and on attaining the age of
58 years.
Separately, ForeignTeachers may be
eligible to receive remuneration outside
India (subject to conditions). Alternately,
where they receive remuneration in
India, they are permitted to remit the
entire salary (after payment of statutory
dues, viz. tax, provident fund, etc.)
into their foreign bank account (for
maintenance of close relatives outside
India).
FOREIGNTEACHERS (TAX AND REGULATORY REQUIREMENTS)
ResearchActivities
In the recent past, a lot of interest has
been generated on research projects
by foreign universities.The research
activity, being unregulated, can be
carried out by not-for-profit as well as
for-profit entities.The research activities
carried out by not-for-profit entity is tax
exempt. Further, the present tax
laws provide additional (weighted) tax
incentives for donors giving donations to
not-for-profit entities and for-profit entity
(up to limited extent) for carrying out
specified research activities.
A comparative snapshot of tax incentives available to donors for giving donations for
research activities under the present domestic tax laws and proposed tax code:
Present tax law
Donors Type of research activity
Weighted tax
deduction
Not-for-profit For-profit
Donors having
business
income
Scientific research 175% 125%
Research in social science
or statistical research
125% -
Other donors Scientific research,
research in social science or
statistical research
100% -
Proposed tax law
Donors Type of research activity
Weighted tax
deduction
Not-for-profit For-profit
All donors Scientific research 175% -
All donors Research in social science
or statistical research
100% -
14

Higher education typically comprises under-graduate, post graduate degrees and pre-doctoral and doctoral programs.This
sector can be further classified as technical and non-technical education.While, the UGC is an umbrella regulation which
governs any institution imparting degree, the institution carrying out technical education also needs to comply with operational
norms specified under AICTE (for engineering, management studies etc.) and MCI (for medical) among others.
Education, being a subject of Union list, State list as well as Concurrent list, multiple bodies across central and state levels
govern higher education sector. This results into a complex regulatory system with overlapping mandates amongst regulators.
REGULATORY BODIES GOVERNING HIGHER EDUCATION
15

Challenges faced by British business in India | 16
University Grants Commission:
UGC is set up under the University
Grants Commission Act, 1956. UGC
prescribes the minimum standards
to be adhered to by universities and
colleges affiliated to such universities.
The salient features of UGC are as
under:
• Promotion / coordination of
university education.
• Determination / regulation of
standards of teaching, examination
and research in universities.
• Prescribing regulations for minimum
standards of education.
• Advising central / state
governments on improvements in
university education.
• Disbursement of grants to
universities.
AICTE :
AICTE is a statutory body established
under the aegis of All India Council
forTechnical Education Act, 1987
for regulation of technical education
in India. AICTE governs technical
education imparting institutions
which currently include institutions
imparting education, research and
training in Engineering &Technology,
MCA, Pharmacy, Architecture &Town
Planning, Applied Arts and Crafts, Hotel
Management & CateringTechnology
and Management.
The prime objectives ofAICTE are:
• Promotion of quality in technical
education.
• Planning and coordinated
development of technical education
system.
• Providing regulations and
minimum norms and standards
to be maintained by the technical
institutions.
AICTE has also prescribed norms for
promoting collaborations or twinning
programs between Indian and foreign
universities in the field of education,
research and training. It lays down
conditions for determining eligibility and
grant of approval to foreign universities
imparting technical education through
collaboration or twinning agreements.
These include:
• Seeking necessary prior permission
from AICTE;
• Foreign university to impart
technical education only by means
of collaborative or twinning
agreement with AICTE approved
Indian university, franchising not
allowed;
• Accreditation of foreign university
in parent country with acceptable
grades where grading is available is
mandatory;
• Degree / diploma from foreign
university to have same
nomenclature as exists in parent
country
• No distinction in academic
curriculum, mode of delivery,
pattern of examination from that
provided in home country, fees
and student intake as per AICTE
guidelines etc.
• Necessary accreditation by the
National Board of Accreditation.
Apart from UGC and AICTE, there are
other regulations (i.e. MCI, BCI, ICAR
etc.) and state specific regulations that
need to be complied with depending
upon the higher education segment (i.e.
medicine, law, agriculture, etc.) and the
type of institutions (i.e. college/PU/DU) .
In order to address the issue of
multiplicity of governing regulations
having overlapping mandates amongst
regulators, the Ministry of HRD
constituted the ‘Committee to Advise
on Renovation and Rejuvenation
of Higher Education’ (popularly
known as ‘Yashpal Committee’).
The committee has proposed a
much awaited structural revamping
of higher education regulations in
recommending constitution of National
Commission for Higher Education
and Research (NCHER), to simplify
the overall regulatory environment.
NCHER is proposed to serve as the
apex regulatory body undertaking the
consolidated responsibilities of UGC,
AICTE, BCI, MCI, and other regulatory
bodies.
16

17

CRITICAL SUCCESS
FACTORS FOR FOREIGN
UNIVERSITIES IN INDIA
While Foreign Universities operating in India are limited both in terms of number
of institutions and their scale of operations, there have been a few players who
have established themselves in the Indian market offering a range of services. In
the following section we have tried to understand the contributory factors for their
success in India. Some of the critical success factors for institutes looking to enter
India are:
The case studies illustrated below
showcase the collaborations between
foreign and Indian universities:
University of Huddersfield-IHM
Aurangabad1
• Started in 1989 University of
Huddersfield-IHM Aurangabad
collaboration is among successful
tie-ups between foreign and local
institutes.
• Collaboration is one among the only
two that have actually obtained
AICTE recognition along with Asia
Pacific Institute of Information
Technology (APIIT) in Haryana.
• Local partner IHMA is established
in collaboration with India’s largest
hotel chains-Taj Group making the
programs industry relevant and
providing placement assistance to
students.
• Institute offers 4 year bachelor
programs in hospitality and culinary
arts which are among high demand
programs in terms of manpower
requirements for industry preparing
students to take up managerial/chef
roles in hotels.
• Students would undergo programs
with University of Huddersfield
curriculum to receive university
degree upon successful completion
of course.
• Students graduating from the
institute are offered priority
progression entry to a wide
range of undergraduate and
postgraduate courses at University
of Huddersfield campus.
Key Learning’s
• Local partnerships and regulatory
approvals
• Limited financial investment
• Adopting global standards for Indian
programs
• Leverage partnership to attract
Indian students to enroll in parent
institute
Harvard Law-OP Jindal Global Law
School1
• Partnership with non-profit
organization-OP Jindal University in
India to produce legal professional
with global exposure.
CHOOSING RIGHT PARTNERS & COLLABORATION MODELS
18
1 KPMG Analysis

• Harvard Law School provides
eminent guest faculty, research and
academic collaboration.
• Harvard also conducts joint
conferences with other universities
like Oxford distinguishing the
learning experience in the
institute in comparison with Indian
counterparts.
• Local partner hosts Harvard
students for internships.
Key Learning’s
• Local partnership
• Global exposure for its faculty and
students
Schulich Business school-GMR2
• Collaboration initiative started in
2011 and is expected to commence
operations by 2013.
• Schulich Business School has
partnered with India’s leading
infrastructure group-GMR with an
agreement to land and the physical
infrastructure for India campus.
• According to partnering agreement
Schulich will develop the learning
environment and academic
infrastructure.
• Proposed institute would be a
first full-fledged campus of an
international business school in
India.
• Institute is planned to house
international faculty with global
curriculum and world class
infrastructure.
• Schulich will initially offer its two-
year MBA program to 120 students
at the Indian campus, along with
Executive Education programs.
Institute has further plans to
launch other degree and non-
degree programming, including an
Executive MBA, Post-MBA Diploma
in Advanced Management and
Executive Education.
Key Learning’s
programs
PDPU –TexasA&M University2
• Collaboration initiative started in
August 2010 and is expected to
commence operations by 2013.
• Texas A&M University has
partnered with one of India’s leading
petroleum universities-PDPU with
an agreement to student exchange
and partnership programs.
• According to partnering agreement
Texas A&M University will develop
the learning environment and
academic infrastructure.
• Proposed programs intend to
produce joint student research
projects in nuclear security
engineering in addition to
development of a Joint Nuclear
Security Education program.
Key Learning’s
programs
Penn State University - Indian
Universities2
• Collaboration with Indian
universities like Indian Institute of
Technology (IIT) and Narsee Monjee
Institute of Management Studies
(NMIMS).
• The collaboration aims to expand
their global research programs
internationally.
• The collaboration plans to exchange
students for a fixed term to give
them global exposure.
• The universities also plan to offer
joint programs to allow students to
study at different locations and also
to expand their global footprint.
Key Learning’s
• Global exposure for students
19
2 KPMG Analysis

Adopting global standards for Indian
programs to build a clear differentiator
for attracting local students is crucial.
RUTGERS MINI MBA3
The Rutgers B-School’s Mini MBA is
one of the leading product offerings
aimed at young managers, chartered
accountants, functional experts,
entrepreneurs and other professionals
transitioning to the management cadre
in organizations.The courses are of
short duration lasting about 10-12
sessions of 3 hours each with flexibility
in terms of the mode of learning –
online, in class and short courses.This
suits the working professionals and
enables them to pursue the course
in parallel with their regular work
schedule.The courses are treated at par
with other university courses where
in university credits are provided in
addition to the certificate issued by the
University. Each course is focused on
a particular area of management and is
delivered by the faculty of the Rutgers
Business School.The courses can also
be tailored to specific organizational
needs.
The Mini-MBA has been launched in
India and has been widely successful
with professionals from many reputed
organizations like Anil Dhirubhai Ambani
Group, Mahindra & Mahindra, Essar
Group, UTV Group, Bajaj Electricals,
Eureka Forbes, FranklinTempleton,
Thomson Reuters,Yes Bank, HDFC,
Shapoorji Pallonji & Co and Sanofi-
aventis among others, enrolling for the
program.The success of the program
could be summarized as follows:
• Costs much less than a full time
MBA
• Short duration courses suits
working professionals
• Focused on certain key areas, that
can also be tailor made to specific
organizational needs
• Provides university credits and
is treated at par with university
courses
• Provides flexibility in the mode of
learning – online, in class and short
courses
Key Learning’s
• Innovative program design
• Blended learning model
DUKE MBA—CROSS CONTINENT
PROGRAM3
This program is designed to help full-
time working individuals earn an MBA
from one of the leading institutes while
learning in culturally and economically
diverse settings thereby enabling them
to lead multi-national enterprises.The 16
month program involves eight weeks of
immersed residential learning at Duke’s
global campus network in China, India,
Russia and the UAE.This facilitates an
intense face-to-face interaction with the
faculty and team of class mates. Each
week of immersed residential learning
is followed by seven to ten weeks of
collaborative distance learning with a
globally dispersed team.The residential
learning also involves out of the class
room assignments that helps the
students gain understanding of region-
specific institutions, markets, cultures,
civilizations and how they shape the
flow of international commerce.The
teams are interchanged at mid-point
of the program thereby enabling the
students to build a larger network
of peers throughout the academic
experience. Some of the key highlights
of the program are:
CHOOSINGTHE RIGHT PROGRAM OFFERING
20
3 KPMG Analysis

• Ability to live and work
anywhere in the world
while studying in the most
important economic regions
of the world
• Exposure to diverse
business environments
across the world
• Access to a unique
professional network – a
range of diverse class mates,
companies, industries and
partners
Key Learning’s
• Innovative program design
• Global exposure for students
LANCASTER—GD GOENKA
UNDERGRADUATE PROGRAM4
The GD GoenkaWorld Institute
(GDGWI) and Lancaster
University have been in
partnership since 2009 providing
a range of programs at the
GDGWI Campus at Gurgaon,
near Delhi in India.This
collaboration allows students
of GDGWI to study for a series
of highly valued Lancaster
University degrees locally in
India.The Lancaster University
is ranked in the top 10 of UK
universities and is one of the
1 percent of world business
schools that are triple accredited.
The programs are validated
by Lancaster University and a
Lancaster University degree is
offered while the courses are
delivered by GDGWI staff.The
students would have access to
Lancaster teaching resources
and library. In addition, GDGWI
students are invited to attend
two-weeks of summer school
at Lancaster University to
experience English culture and
participate in a variety of out-
of-class activities designed to
help them develop a broad set
of leadership and personal skills.
Some of the key highlights of the
program are:
• A different learning style as
compared to other institutes
in India
• Benefits of an established
research reputation
• Industrial partnerships
Key Learning’s
• Adopting global standards
for Indian programs
21
4 KPMG Analysis

CHOOSINGTHE RIGHT LOCATION
HAVING A ROBUST ENTITY STRUCTURE
Location is as important as choosing the right partner and program. Since education is a concurrent
subject which implies that both states and the central government have the power to formulate regulations
regarding education. Given below are two maps that show: i) which states have legislations, states which
passed legislation recent, density of private universities and ii) traditional education clusters in India.
Apart from choosing the right local
partner, program and location, foreign
universities keen to operate in India
should have robust entity structure.
Planning ahead will help in identifying
the potential issues and addressing the
same in timely and effective manner,
thereby reducing compliance and
litigation costs in future.The critical
factors for a robust entity structure
in higher education from tax and
regulatory perspective would be:
ORGANIZATIONAL FACTORS
• The constituents of entity
structuring i.e. whether to have ‘for-
profit entity’ or ‘not-for-profit entity’
or combination of both, depending
upon objectives, nature of activities
and location
• Selection of suitable ‘not-for-profit
entity’ option (i.e. trust, society
or section 25 company) and
implications under each option,
keeping in mind the commercial
parameters
• Deciding on ‘single not-for-profit
entity option’ or ‘multiple not-for-
profit entities option’ depending
upon the scale of operations
• Selection of suitable ‘for-profit
entity’ option which facilitates fund
raising, future expansion, value
capturing and exit strategy
• The structures flexible enough
to adopt to proposed regulatory
environment
• Arrangements under collaboration
/ twinning models between foreign
universities / institutions and Indian
institutions to foster partnerships
in a regulatory compliant and tax
efficient manner
22

COMPLIANCE FACTORS
• Requisite approvals from regulatory
authorities and functioning of the
education institutions within the
regulatory framework
• Requisite approvals from tax
authorities and proper and timely
compliance of all the approval
conditionality for availing tax
exemptions or tax incentives to
eligible donor
• Aspects relating to ‘charitable
purpose’, ‘application of income’
for charitable activities, investment
conditionality of surplus funds
available with ‘not-for-profit’ entity
• Determination of adequate arm’s
length pricing for transactions
amongst ‘for-profit’ and ‘not-for-
profit’ entities
• Periodic and timely compliance
of audit, tax return filing and
other tax compliances, labor law
requirements, etc.
Foreign Education Providers considering entry into India should consider a medium-long term outlook to evaluate opportunities.
Traditional formal Higher education setup is capital intensive with clear regulations governing the land requirements/
ownership, minimum infrastructure requirements for obtaining necessary approvals for higher education setup.This coupled
with the regulatory restrictions on pricing, scaling up operations resulting in longer gestation period that necessitates players
to have a long-term strategy for the Indian market.While newer models are emerging (such as blended learning, joint-venture
models in vocational aspects of higher education leveraging synergies of Global/ Indian players), they are still nascent and will
require a careful evaluation.
MANAGING EXPECTATIONS
23

LIST OF ABBREVIATIONS
HRD – Human Resource Development
FEB – Foreign Educational Institutions (Regulation of Entry and Operations, Maintenance of Quality and Prevention of
Commercialisation) Bill, 2010
GER – Gross Enrollment Ratio
GDP – Gross Domestic Product
RBI – Reserve Bank of India
UGC – University Grants Commission
AICTE – All India Council forTechnical Education
MCI – Medical Council of India
FIPB – Foreign Investment Promotion Board
NAAC – National Assessment and Accreditation Council
NGO – Non-governmental Organization
PGP – Post Graduate Program
PGPMAX – Post Graduate Program in Management for Senior Executives
FDI – Foreign Direct Investment
FCRA – Foreign Contribution Regulation Act
NPO – Non-profit Organization
MBA – Masters in Business Administration
24

This report has been prepared by KPMG in India to be released at the Indo-US Education Conclave 2011 on 5-7 December 2011
in Pune
Overall Leadership
Valuable guidance was provided in preparing this report by Narayanan Ramaswamy and Hemal Zobalia from KPMG in India,
Jagdish Patankar (M M Activ Scitech Communications) and Prof. Sridhar Chari.
Report Creation
This report would not have been possible without the commitment and contributions from MadhavanVilvarayanallur,
Pankaj Bagri, Ajay Bose, Gaurav Kumar, M Rajagopal, Joyeeta Ghosh, Priyanka Balasubramanian and Praveen Krishnan from
KPMG in India.
This document has been designed by KPMG in India’s Brand and Design team.
Acknowledgment

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual
or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information
is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information
without appropriate professional advice after a thorough examination of the particular situation.
© 2011 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG name, logo and “cutting through complexity“are registered trademarks of KPMG International.
Printed in India.
Contact us
Rajesh Jain
Partner and Head
Markets
T: + 91 22 3090 2370
E: rcjain@kpmg.com
Narayanan Ramaswamy
Partner and Head
Education Sector
T: + 91 44 3914 5200
E: narayananr@kpmg.com
Hemal Zobalia
Partner
Tax & Regulatory
T: + 91 22 3090 2706
E: hemalzobalia@kpmg.com
kpmg.com/in

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