Almost 8.5 lakh students are pursuing their higher education abroad in just the four focused countries - the United States, the United Kingdom, Australia and Canada spending close to $34 billion in the year 2023, so far, according to OneStep Global-University Living report.
The report reveals a significant increase in the number of Indian students choosing to study abroad. Traditionally Indian students have preferred countries like - the US, Canada, the UK and Australia. However, recently other countries have also emerged as preferred destinations, including Germany, Kyrgyzstan, Ireland, Singapore, Russia, Philippines, France, and New Zealand.
The top States in India in terms of students going abroad include Punjab (12.5 percent), Andhra Pradesh/Telangana (12.5 percent), Maharashtra (12.5 percent), Gujarat (8 percent), Delhi/NCR (8 percent), Tamil Nadu (8 percent), Karnataka (6 percent) and other (33 percent).
The analysis indicates that Indian students (around 2.4 lakh) contribute significantly to the US economy, with a total expenditure of $12.48 billion; this includes $7.2 billion towards academic fees, $2.9 billion for accommodation, and $2.4 billion on other living expenses.
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Meanwhile, in Canada, Indian students (around 3 lakh) have an estimated total expenditure of $11.7 billion, encompassing $6 billion on academic fees, $3 billion for accommodation, and $2.7 billion on other living necessities, according to the report titled ‘Beyond Beds & Boundaries: Indian Student Mobility Report, 2023’.
Indian students (around 1.32 lakh) in the UK have an estimated total expenditure of $5.9 billion, which is broken down into $3.4 billion on academic fees, $1.3 billion on accommodation, and $1.2 billion on other living expenses.
The economic contribution of Indian students (around 76,500) in Australia stands at an estimated total of $3.9 billion, with $1.68 billion allocated for academic fees, $0.99 billion for accommodation, and $1.22 billion for other living expenses.
In 2019, approximately 10.9 lakh Indian students pursued their education abroad. This figure witnessed a 7 percent growth in 2022, escalating to around 13.24 lakh students. If the current growth rate of 15 percent sustains, the number of Indian students studying overseas is projected to soar to approximately 20 lakh by the year 2025.
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At the same time, Indian students spent an estimated $ 37 billion on education abroad. This expenditure experienced a 9 percent surge in 2022, reaching a substantial $47 billion. If the sector continues to grow at the current rate of 14 percent, the projected spending by Indian students on overseas education is expected to skyrocket to an astounding $70 billion by the year 2025.
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