In the early 1990s, when India’s economy was still struggling, a number of Catholic schools in the country were set up, some of which had to be re-built and others closed.
They were meant to provide better access to education for children, but that dream of a modern education was soon shattered by a series of economic crises, especially the Indian rupee crisis.
Today, almost one in four schools in India are closed, with the government providing little or no assistance to keep them open.
One in five Catholic schools is closed.
According to the Catholic Education Forum, the percentage of Catholic school-going families in India has dropped from 30 per cent in 1980 to less than 20 per cent today.
The problems faced by the Catholic schools, however, are not unique to India.
In recent years, some Catholic schools have also faced a crisis of financial management.
As of January, the country was in a debt crisis.
In the last two years, the national debt has ballooned to $19 trillion, according to the International Monetary Fund (IMF).
In addition to the government, the main creditors of Catholic Schools are the government and the private sector.
According the National Catholic Education Council, around half of the total debt is owed by private investors.
In 2015, there were reports that the government was looking at privatising the schools, with some even going as far as to make it the default option.
One such private entity that is also in debt is the private company, T.P. Credias.
In 2014, the company was awarded a contract worth $6 billion for a new facility in the city of Hyderabad, which is also home to one of the Catholic Schools.
However, this deal has come at a huge cost to the taxpayers.
T. P. Cresadas was awarded the contract in October 2017, and was given until May 2019 to complete the project.
The contract is worth about $1.6 billion and the company has already spent $9 million on a feasibility study.
According TOI, the government has been reluctant to give the company a larger loan to complete its work on the new facility.
According for example, the Indian government has spent almost $500 million on the construction of the new facilities.
But T. C. Creras has spent the past year, and already has about $100 million in its coffers.
The project was supposed to be completed by May 2019, but the government says that the construction has started already.
The state government has also delayed construction on the building, with its own budget reportedly set to exceed $2 billion.
The government is also yet to make any money on the project, and the Catholic School’s finances have already come under pressure from a number sources, including the government.
Despite the recent delays in the completion of the project on the part of the government of India, T C. P Cresades has been able to get a new contract for another facility in Hyderabad.
But this time, the state government is not happy with the contract.
According its website, the new T.C. Cremadas project will cost about $7 billion.
However, the ministry has said that the amount it has already paid for the construction works will not be enough to pay off the debt.
According T.A. Sreenivasan, director general of the Tamil Nadu government, “If the private companies have a debt, then the government should get them back on their feet.”
A government spokesperson told TOI that the state is yet to finalise the contract for the new building, but “the construction of it is progressing nicely.”
But the state of Tamil Nadu is one of several states where Catholic Schools have to pay interest on their loans, which can be up to 10 per cent.
It’s not the only reason for the financial difficulties faced by Catholic schools.
The cost of paying for the education of a child is a very large burden for many families in the Catholic community, which has been hit hard by the rupee’s fall.
A recent study conducted by the University of the West Indies found that Catholic schools that cater to the poorest children are facing a financial shortfall of around $1 billion.
According to the report, around 40 per cent of Catholic education is funded by private sources, and another 30 per, 25 per, and 15 per cent are funded by the state.
The report added that Catholic Education Foundation (CEF) has estimated that the total costs of Catholic Education to date, which are around $2.4 billion, will increase to $4 billion by 2023, a rise of about 5 per cent a year.
Sreejith, who headed the study, “We have found that the majority of Catholic institutions are unable to make ends meet and the financial burden that parents and students face is overwhelming.”
The report noted that many Catholic schools do not even have the facilities they need to ensure their children have access