Countries like the United States, the United Kingdom, Australia, and Canada await about 8.5 lakh students who will have spent over $34 billion on higher education by the end of 2023. The number of Indian students opting to study overseas has risen substantially, according to the noteworthy OneStep Global- University Living report. Indian students have historically displayed a preference for the US, Canada, the UK, and Australia. Nevertheless, other nations—such as Germany, Kyrgyzstan, Ireland, Singapore, Russia, the Philippines, France, and New Zealand—have also lately become popular travel destinations.
Gone are the days when it was just India’s four metropolitan cities ruling the news. The report suggests that students from various diverse states of India have gone abroad. While Delhi, Gujarat, and Tamil Nadu stand at just 8%, its states like Punjab, Andhra Pradesh, and Maharashtra see the most number of students wishing to pursue their academic endeavours in a foreign education system.
According to the data, the 12.48 billion spent by Indian students (about 2.4 lakh) on housing, other living expenditures, and academic fees ($7.2 billion, $2.9 billion, and $2.4 billion, respectively) denotes a considerable contribution to the US economy.
The thought-provoking research study reflects that Indian students have time and again been the largest contributors to the study-abroad industry. With the emergence of a flourishing EdTech industry, the study correctly affirms the fact that the widespread use of technology has enabled students to learn about the various educational and academic opportunities that await them.
Getting back to the numbers, Beyond Beds & Boundaries: Indian Student Mobility Report, 2023 states that the estimated total spending for the nearly 3 lakh Indian students in Canada amounts to $11.7 billion, with $6 billion going toward educational expenses, $3 billion going toward accommodation, and $2.7 billion going toward other necessities.
Indian students paint a similar picture in the United Kingdom. The calculated cost of living for over 1.5 lakh Indian students in the UK is $5.9 billion, of which $3.4 billion goes toward tuition and academic fees, $1.3 billion toward housing and accommodation expenses, and $1.2 billion towards general, necessary living expenditures.
While Australia has fewer Indian students when compared to Canada and UK, that does not deter them from contributing massively to the island nation’s economy. Indian students in Australia have spent close to $3.9 billion, of which around $1.6 billion has gone to academic fees, $0.99 billion for housing expenditure, and $1.22 for amenities and daily expenses.
It is estimated that by 2025, there will likely be nearly 20 lakh Indian students studying abroad if the current growth rate of 15 per cent continues.
Indian students spent approximately $37 billion on higher education abroad since the year 2019. In 2022, spending on this item increased by 9% to a significant $47 billion. The contribution of Indian students to foreign education is predicted to soar to an incredible $70 billion by 2025 if the market continues to grow at the present rate of 14 percent.
While this report only sheds light on four countries, it is vital to understand that many Indian students are scattered across Europe, North America, and Asia as well. Several bright Indian talent can be seen in countries like France and Germany. Being a pioneer in the EdTech industry, Admissify sees immense potential in the academic sector and aims to send maximum students abroad through various scholarship and university programs. Stay tuned to learn more!
Gaurav Kandari is a seasoned study abroad consultant with over 5 years of experience, specializing in guiding students to the UK, USA, Canada, and Australia. An avid traveler, he draws on his global adventures to enrich his consulting, providing invaluable insights to aspiring scholars.
