As Finance Minister Nirmala Sitharaman is prepares to present the Union Budget 2024 on July 23, study abroad consultants are anticipating increased focus on international partnerships with foreign universities, reduced Goods and Services Tax (GST) on international qualifications and easier access to educational loans.
In Budget 2022, the Finance Minister announced that foreign universities will be allowed to operate from Gujarat International Finance Tec-City (GIFT) at Gandhinagar, without having to follow domestic rules. Subsequently, Australia’s Deakin University inaugurated its international branch in GIFT City, Gandhinagar in January 2024.
The institute said it will soon also offer short-term courses for students, employees, and government staff in topics ranging from defence, and cybersecurity – mostly limited to emerging technology areas.
“...we anticipate that the government will foster more international partnerships and collaboration as seen with the opening of GIFT City creating new opportunities and fostering collaboration between Indian and international universities, creating avenues for cross-cultural learning and research in Ahmedabad Gujarat,” said Abhijit Zaveri, Founder & Director of Career Mosaic.
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Similarly, Aritra Ghosal, Founder and Director of OneStep Global, said that given the government's emphasis on developing a skilled workforce for multicultural environments and the increase in funding for higher education reflected in the interim budget, it is expected that the government will support more partnerships like the Australia-India educational collaboration.
“Such initiatives will open new pathways for knowledge and workforce exchange and streamlining the process for foreign universities to establish campuses in India will also strengthen India's international standing and prioritise global education,” he added.
Focus on education loans, scholarships
The latest edition of the Open Doors report showed that China sent 2,89,000 students to the US in 2022-23 (a decline of 0.2 percent from 2021/22). India reached an all-time high of 2,68,000 students in 2022-23, an increase of 35 percent from the previous session.
Further, the Graduate Management Admission Council (GMAC), which administers the Graduate Management Admission Test (GMAT) and NMAT, has seen the number of Indian candidates taking the GMAT grow 20 percent since last year.
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“....lowering interest rates on education loans and a reduction or waiver in Tax Collected at Source (TCS) when remitting money for overseas education is crucial for alleviating financial burdens on students and their families. Further, implementing student concessions on air travel is imperative to making global education economically viable for a broader demographic of students,” said Saurabh Arora, Founder and CEO of University Living.
There are several scholarships available for students aspiring to pursue overseas education, provided by the Union and state government, private universities, and study abroad consultants. However, industry experts say there remains a larger scope to enhance the reach of such scholarships.
“We anticipate significant investments and initiatives aimed at enhancing accessibility to quality education through increased scholarships and financial aid. This support is crucial for students aspiring to study both within India and abroad. With the growing demand for international education, the budget must address better financial assistance,” said Meenakshi Kachroo Chatta, Senior Director and Regional Head of India, South and Central Asia at College Board.
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