including AICTE (All India Council for Technical Education) and UGC (University Grants Commission), but there is no umbrella regulation of K-12 schools, nor a uniform law for schools. The charitable and missionary character of some of India’s earliest “private” schools, and the socialistic model of governance for much of the first few decades of independence, has led to a mindset that education cannot be “commercialised”. Education, which is covered by the “Concurrent List” of the Indian Constitution, is by implication regulated at both the central and state government levels. Regulation differs, sometimes radically, from state to state. For example, the state of Delhi frowns on “commercialisation” of education, while Maharashtra, Haryana and Gujarat permit “for profit” schools. Figure 64 Key regulatory issues around Indian education Segment Profit making allowed? Regulatory body? Fee control Market Size (US$m) Preschools Ambiguous; “reasonable surplus” not defined No Ambiguous 985 K-12 Ambiguous; “reasonable surplus”
