Why is the Indian Study-Abroad Market Growing So Fast
Overview
The Indian study-abroad market is experiencing rapid growth due to various factors that influence students’ decisions to seek education outside the country. According to Mayank Kumar, Co-Founder & MD of upGrad, several key drivers contribute to this trend. This article explores the rising aspiration for foreign education, the limitations of high-quality institutions in India, and the impact of a declining global birthrate on this market. Why is the Indian Study-Abroad Market Growing So Fast
Key Drivers of Growth
| Driver | Description |
|---|---|
| 1. Rising Aspiration for Foreign Education | A marked increase in the desire for international education among Indian students has been observed in recent years. The Ministry of External Affairs (MEA) reports that the number of Indian students studying abroad rose from 4.4 lakh in 2016 to 7.7 lakh in 2019, reflecting a 75% increase over just three years. Factors such as perceived higher educational quality, exposure to global perspectives, and improved job prospects post-graduation are driving this trend. |
| 2. Limited Availability of High-Quality Institutions | India’s top educational institutions, including the Indian Institutes of Technology (IITs), have highly competitive admission rates, often falling below 1%. In comparison, leading universities in the US typically have acceptance rates between 5% and 10%. This disparity compels many talented students to look for opportunities abroad, as they seek quality education that aligns with their aspirations. |
| 3. Declining Global Birthrate | Western universities are increasingly reliant on international students to sustain their enrollment figures and financial viability. With a decline in global birth rates, many countries are facing population shortages, creating a welcoming environment for foreign students. The United Nations projects that by 2050, 55 countries will experience a 1% decrease in their population, prompting universities to attract more international students. |
The Perfect Storm
These factors collectively create a favorable scenario for Indian students aspiring to study abroad. The increasing aspiration for foreign education, paired with the limited domestic options for high-quality institutions and a favorable international landscape, drives the rapid expansion of the Indian study-abroad market. Why is the Indian Study-Abroad Market Growing So Fast
Advantages of Studying Abroad
Indian students who choose to pursue their education abroad gain several advantages, including:
- Global Exposure: Studying in a foreign country provides students with exposure to diverse cultures, ideas, and perspectives, enriching their personal and professional lives.
- Quality Education: Many international institutions are renowned for their high academic standards and innovative research opportunities, giving students access to resources and facilities that may not be available in India.
- Networking Opportunities: Studying abroad allows students to build a global network of peers and professionals, which can be beneficial for future career prospects.
- Enhanced Career Opportunities: Graduating from a reputed foreign university often opens doors to better job opportunities, both internationally and within India. Why is the Indian Study-Abroad Market Growing So Fast
Conclusion
The rapid growth of the Indian study-abroad market reflects the aspirations of students seeking quality education and diverse experiences. With the combination of rising aspirations, limited domestic options, and a changing global landscape, more Indian students are likely to consider studying abroad as a viable and attractive option for their higher education.
As the demand continues to grow, educational institutions worldwide will need to adapt and cater to the unique needs of Indian students, creating a mutually beneficial environment for students and universities alike. Why is the Indian Study-Abroad Market Growing So Fast
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