Indian Students Likely to Spend $75-85 Billion Annually on Education Abroad by 2024: Report


Subhashri Roy
Updated on Sep 24, 2021 12:17 PM IST

A new report suggests that the number of Indian students going abroad is expected to reach 1.8 million students by 2024. It also means that these students would be spending $75-85 billion annually on overseas education by 2024.

Indian Students Likely to Spend $75-85 Billion Annually on Education Abroad by 2024: Report

The growth in number of Indian students going abroad for higher education has outpaced the growth in domestic student numbers by six times in the last three years with 770,000 in 2019. It is expected that the growth will be twice of that by 2024 - to reach 1.8 million students.

According to the latest report called 'Higher Education Abroad'by homegrown consulting firm RedSeer, these 1.8 million students are expected to be spending $75-85 billion abroad.

The report reveals that most of the students are enrolling in postgraduate courses in Anglophone destinations and the trend is expected to be maintained in the near future.

Over the last 3-5 years, Canada has replaced the US and emerged as the most preferred country for Indian students opting for higher education abroad.

Also Read:Covishield Gets UK Approval, But Indians Still Need to Quarantine from Oct 4

Countries like the UK, Australia, the US and Canada have a higher number of institutions, thus attracting students from all over the world. The US is home to more than 4,000 universities, offering the highest average salary levels, followed by the UK and Canada.

Ready to Begin Your Study Abroad Journey? Get Expert Help to Access the Best Programs!

The report further highlights that the significant increase in students choosing to study abroad over the recent years can be attributed to a better quality of education and outcomes abroad, gaps in the Indian education system resulting in upward income mobility of Indian households and supply-demand imbalance and higher standards of living.

India has, however, recorded an increase in incomes in India over the past two decades, leading to growing spends on post-K-12 education. Furthermore, people are becoming more aware of the advantages of studying abroad and the rising diaspore of Indians in popular study destinations.

The report also shows that the majority of these Indian students are from Punjab, Maharashtra, and Andhra Pradesh, which are some of the richest Indian states.

Also Read:Average International Undergraduate Tuition Fee Up by 4.9% in Canada

Online channels have become the most popular medium to get external support, driven partially by lockdowns due to the Covid-19 pandemic. A growing interest from Tier 2 and 3 city students is also visible due to the rise in incomes and aspirations.

Amid the Covid, many online companies have reported a 5-10 times increase in user base and revenues in their services. Online is expected to dominate the sector with their integrated offerings, higher quality services and greater student awareness of their outcomes.

You can share this post!

Admission Open 2023

University of Debrecen

Debrecen, Hungary

University of Essex

Colchester, United Kingdom

University of Aberdeen

Aberdeen, United Kingdom

Related Articles

Jun 07, 2023 04:39 PM IST

How to Write an LOR for MBA?

Jun 07, 2023 02:19 PM IST

How to Score a Perfect 800 on GMAT?

Jun 06, 2023 05:01 PM IST

How is MBA SOP Different From MS SOP?

Jun 06, 2023 02:18 PM IST

What is an Academic Transcript?

Our Study Abroad Offerings

Popular Universities to StudyAbroad

Planning to study abroad?

Interested in Studying Overseas?

Connect with us and kickstart your learning journey for a rewarding experience!

By proceeding ahead you expressly agree to the CollegeDekhoAbroad Terms of Use & Privacy Policy.