The Indian study-abroad market is experiencing a meteoric rise, driven by a confluence of factors. Mayank Kumar, Co-Founder & MD of upGrad, has identified three key drivers behind this surging demand for foreign education.
1. Rising Aspiration for Foreign Education:
The desire for international education among Indian students has witnessed a significant uptick in recent years. As per the Ministry of External Affairs (MEA), the number of Indian students abroad increased from 4.4 lakh in 2016 to 7.7 lakh in 2019, a staggering 75% jump in just three years. This surge can be attributed to the perceived higher quality of education, exposure to global perspectives, and the promise of better job opportunities post-graduation.
2. Limited Availability of High-Quality Institutions Domestically:
India’s top-tier institutions, such as the Indian Institutes of Technology (IITs), have extremely competitive admission rates, often below 1%. In contrast, top US universities typically have acceptance rates between 5% and 10%. This disparity in availability of quality higher education within India pushes many talented students to seek opportunities overseas.
3. Declining Global Birthrate:
Western universities are increasingly reliant on international students to maintain their enrollment numbers and financial stability. As the global birthrate declines, many countries are facing population shortages, creating a favorable environment for foreign students. The United Nations’ 2050 projections indicate that 55 countries will see a 1% decrease in their population.
These factors collectively create a perfect storm, encouraging Indian students to pursue higher education abroad. The growing aspiration for foreign education, coupled with limited domestic opportunities and a favorable international landscape, are driving the rapid expansion of the Indian study-abroad market.
