With international borders reopening and the Covid situation easing, the number of Indian students studying abroad is expected to rise in the coming years, with a new estimate predicting that by 2024, over 18 lakh Indian students will have enrolled in international colleges and universities.
While the demand for studying abroad is growing, so is the outflow. By 2024 student expenditure is expected to reach $75-85 billion, which is more than double what it was in 2019.
According to a survey by Bengaluru-based market research firm RedSeer, while the sector had shifted growth in 2020-21 as international borders were closed to combat Covid, it is likely to regain momentum as things return to normal.
“We believe this sector will continue to grow in the future years. According to our analysis, the overall number of Indian students studying overseas in 2024 will be around 18 lakhs” RedSeer’s engagement manager, Abhishek Gupta, stated.
In 2019, around, 7000 students applied to study abroad.
“Around 420k students left in 2019, but the total number of applicants was around 1.7 times that. This massive increase is due to reasons such as increased GDP over the last two decades, which has led to increased consumption and knowledge of international education “Gupta brought up the subject.
In 2016-19, outflow rates grew six times faster than domestic student growth, demonstrating the huge demand that this segment is experiencing.
“According to our analysis, there are currently 770k Indian students studying overseas, up from 440K in 2016. This represents a 20% increase. In contrast, when compared to the need for education abroad, growth in the domestic region has been only 3%” The analyst provided the information.
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