The Union cabinet from India had recently approved the association of ICAI with other foreign countries. The discussion about this approval was chaired by honourable Prime Minister NarendraModi. IPA {Institute of Public Accountants}, Australia, CISI {Chartered institute for securities and investment, UK}, CIPFA {Chartered Institute of Public Finance and Accountancy}, Srilanka, and ICSA {Institute of chartered secretaries and administrators, UK are the institutes with recognition from India. There is a demand for Indian recognized statutory professional to continue study abroad and Let me find out the global impact in the way of equality of education and innovation.
Equality of education
As per the research of Durkheim in 1922, the education system operates with two functions. It is to provide the knowledge which educates about the political life, economical development and social issues. The second one is the independent credentials of an individual which increases job opportunities and mobility. Old Dominion University, Virginia declares in one report that the equality policy for the international students and domestic students tend to change the policies of the universities. Unprecedented events faced by the students when studying with foreign universities are Visa fees, visa regulations and travel ban. International educational equality is needed to increase research and policy formulation. The equality concept pays way to bright students and weak students in the same classroom which again question the quality. So, equality and quality are two different concepts that can be implemented in higher education to improve performance.
Innovation
Innovation has to be implemented in research and academics. As the international scenario is changing drastically there is a need to keep the research practices and policies at the same pace as global markets. Research is the part of the education system which undergoes pressure in the form of funding, infrastructure, policies, and manpower. There is a need to analyze the demand of the education system and bring changes to the curriculum, teaching pedagogies, design, faculty improvement, publishing practices, and enrichment programs. The mission statement of the universities needs to understand the global standards. Especially in the field of technology and applied sciences innovation is a crucial part of development.
There are less costly ways to enhance the equity capital. Creating an instrument or product for the investment requires innovation. In the international market, the four rules to consider the financial instruments are liquidity, ways to do a monetary exchange, the shift of savings to investment, and risk management. Innovation in the field of finance with technological advancement is profound as there is growth, value and opportunities. Foreign countries use Robots, Artificial intelligence, connected devices, and Smart devices in the finance field.
Conclusion:
Before signing the MOU, the Global engagement office checks the database of the international activity and partnership database. The Dean and the Vice Chancellor for Research of the university must support the partnership. From the year 2020, all the MOU are processed as Adobe PDF or DocuSign. Two-way movements of students contribute to the growth of the educational sector. Union cabinet recognition enhances the quality and equality of education among domestic students and international students.