Today the finance minister announced the setting up of five new IITs, IIMs and 12 medical colleges. How much will they help India? IITs and IIMs subsidize the education of Indians, most of whom, after their education, migrate to other countries without contributing much back to the country that educated them. Some of the professors in these institutes conduct research using public money, patent the findings, and transfer the technology to private companies. Medical schools are not any different. Very few doctors get into public service. It’s time that India rethinks the way it is subsidizing higher education.