Teaching is not only becoming an attractive career in K-12 schools, but in higher education as well. In Central and state government colleges/universities, the pay of an assistant professor (entry level position), which was a modest Rs.20,000 under the pay scales of the Fifth Pay Commission (1996), rose to Rs.60,000 per month after the award of the Sixth Pay Commission (2008).
“An assistant professor who is promoted to associate professor after five-six years earns Rs.82,000 and deans and vice chancellors Rs.4-5 lakh per month. In addition there are perks such as medical benefits, paid leave for up to three years for assistant professors pursuing their Ph Ds among others. The Seventh Pay Commission is likely to raise faculty pay packages by 30-40 percent with effect from January 1, 2016,” says Dr. Sandeep (who uses only one name), vice president of the Delhi University Teachers’ Association and professor of commerce at the affiliated Atma Ram Sanatan Dharma College.
Liberal licensing of new-genre capital-intensive private universities such as Azim Premji, Amity, O.P. Jindal, BML Munjal and Ashoka by state governments has completely changed India’s higher education scenario. “With students ready to pay full-cost fees for quality education, new private universities are recruiting faculty with globally-respected qualifications. The future of teaching as a profession has become very promising, financially and especially in terms of learning opportunities by way of international linkages, conferences and workshops,” says Prabhakar Singh, a law postgrad of Barcelona University and associate professor at the Jindal Global Law School, Delhi. 
Harish Aggarwal, director of the New Delhi-based Educare Solutions Pvt. Ltd (estb. 2012), a school/college teacher recruitment firm, confirms this latter day development in India’s higher education system. “Entry level salaries in private universities range between Rs.1-6 lakh per month with industry experts and professionals in high demand. At the top level the remuneration of professors/deans could go up to Rs.3 crore per year.”
Further evidence of the sea change in higher education is provided by Kalpesh Banker, promoter-director of Edushine Advisory Pvt. Ltd (estb. 2011), a Delhi-based firm which specialises in recruiting academics for leadership positions (deans, registrars, vice chancellors) in institutions of higher education. “Salary and wage packets in academia have risen substantially across the board during the past five-six years. Even in government colleges/universities such as AIIMS, IIMs and IITs, faculty earn up to Rs.80 lakh after 10-12 years service. In premier private universities, entry level faculty pay and perks add up to Rs.25 lakh with deans and vice chancellors recruited at Rs.4-4.5 crore per year. Moreover in the best coaching schools, top IIT and IIM graduates start as faculty at Rs.1 crore-plus with proven star professors popular with students taking home Rs.3-5 crore. Suddenly teaching in higher education institutions has become a very well-rewarded career,” says Banker.