Costs of education have galloped to catch up with the west while the output measured as salary, employability and knowledge haven't kept pace. Most MBAs are placed at a salary of less than 4 lacs/pa (if at all they are placed). Three quarters of engineers don't get a job after passing out.
So, in pure arithmetic terms, are you better off saving that money and handing over a fixed deposit to your child after 22 years? Imagine a Rs.42 Million fixed deposit to secure your child's future. In the interim, s he can study in a good government school (as many of us did), understand the real world, devoid of protection and enjoy her childhood and maybe pursue dreams and her passion instead of competing in the rat race. Does it make sense? No tensions of marks, grades, courses, coaching, tuition, placements, interviews. Live your childhood, get tougher, pursue your dreams and save close to Rs.42 million. IMAGINE.