HOW MUCH ARE INDIAN STUDENTS SPENDING ABROAD ON EDUCATION

The figures vary from about $30billion to $75-85billion. Even if we agree it’s in between, it’s quite a lot. About 1 million are now heading abroad every year.

The second question is why are they going in such numbers?

The majority of them go because the steep merit system for the highly rated institutions and colleges. Where do you go if you don’t get into an IIT or NIT? Or IIM? Or NLS or Nalsar? Or IISc? Then there are socially merited colleges like St.Stephens or St.Xavier or MCC. If you can’t get in here, then even Pomona College or Saskatchewan Univ or Kookuberra institute might be good compared to Makhanlal college. The other reason, and this is very important, is that the standard of teaching, facilities and resources of the mid to top level US and British institutions are far superior to even to our best. Our top institutions are at the top mostly because of the quality of student bodies.

Indian students opting for higher education abroad are rapidly increasing and their growth outpaced domestic student growth by 6x in the last three years to reach ~770k in 2019. This is further expected to grow 2x till 2024 to reach ~1.8 million students who would be spending $75-85 billion overseas, according to the latest report “Higher Education Abroad” released by homegrown consulting firm RedSeer.

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